In accordance to paragraph 1, chapter 5 of Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1, Authorized Dealers (ADs) are permitted to effect most outward remittances either in its entirety or upto a certain limit set by Bangladesh Bank, following declaration of Taka as convertible for current account payments from March, 1994. Moreover, outward remittances on account of dividend are remittal to non-resident shareholders abroad vide paragraph 31(a), chapter 10 of GFET.
Other than that, it has now been decided that ADs shall no longer be required to forward documents to Bangladesh Bank as per requirement of paragraph 31(e), chapter 10 of GFET; subject to observance of the following instructions:
(a) ADs shall comply with the relevant instructions contained at paragraph 31, chapter 10 of GFET.
(b) ADs shall maintain dividend files for eventual inspections by Bangladesh Bank/other regulatory agencies.
03. As usual, ADs shall observe due diligence with regards to KYC, AML/CFT standards, reporting routine to Bangladesh Bank and so on.