Bangladesh Bank (BB) further relaxed outward remittance rules for foreigners working in the country’s economic zones (EZs), export processing zones (EPZs) and hi-tech parks (HTPs).
As per a new decision of the central bank, expatriate employees may transfer up to 75 percent of net monthly income by converting taka in equivalent foreign currency to FC accounts maintained and operated in compliance with the Guidelines for Foreign Exchange Transactions (GFET) of Bangladesh Bank.
The Authorized Dealers (ADs) designated banks have to do this at the request of their clients (employers), said a Bangladesh Bank circular, issued by its Foreign Exchange Policy Department (FEPD).
“The ADs shall, however, ensure balances held in FC account of eligible employers are utilised first before use of Taka fund,” it added.
The ADs shall observe due diligence, reporting routine and the instructions of Bangladesh Bank including verification of the authenticity of the work permits issued by the competent authorities, said the BB circular.
The GFET currently permits foreign nationals working in Bangladesh with valid work permits to make monthly remittances up to 75 percent of their net income to cover their commitments abroad.
Under the same guidelines, enterprises operating in EZs, EPZs, HTPs and exporter-employers having exporter retention quota (ERQ) accounts are allowed to transfer from their admissible FC accounts up to 75 percent of net monthly income of the expatriate employees in equivalent foreign currency to facilitate payment of their salary and benefits.
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