Update May 12, 2015

Dhaka 7-51 pm, 06-August, 2020

Foreign Exchange draft law okayed

Sumel Sarker

Foreign Currency

Foreign Exchange draft law okayed

12 May 2015, Nirapad News: The cabinet on Monday gave its final approval to the draft of ‘Foreign Exchange Regulation (Amendment) Act, 2015’ with the view to create more investment-friendly environment in the country.

The draft act was approved in the cabinet meeting, with Prime Minister Sheikh Hasina in the chair, at Secretariat.

As per act, any foreign organizations that are intend to open branch offices in Bangladesh need to take approval from the Board of Investment (BOI) only.

Cabinet Secretary Mosharraf Hossain Bhuiyan told banglanews that foreign organizations needed to take permissions from BOI and country’s central bank Bangladesh Bank (BB) to open their branches in Bangladesh but this act will ease the process.

However, the matter should be informed to country’s central bank within 30 days of taking permissions from the Board of Investment, he added.

The cabinet secretary further said the government and the BB can ask for information to any individual living in Bangladesh, whether Bangladesh citizen or foreigner, about their foreign exchanges and securities and moveable and immoveable properties in other countries at any moment.

The amended act would be applicable to both Bangladeshi and foreigners.

Current Foreign Exchange Regulation Act was enacted in 1947 and later it was amended in 1976 and 2003.

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