non-resident Bangladeshis
BB issues clarification to remove confusion over Foreign Currency Accounts
Bangladesh Bank (BB) in clarification said the non-resident Bangladeshis can open foreign currency accounts (FCA) in any scheduled banks in the country and any amount of money can be deposited to those accounts without the BB permission.
If the expatriates bring any amount of cash, dollars or other foreign currencies during arrival, they can deposit it to their bank accounts and exchange it in local currency. The expatriates can deposit USD $ 10,000 to their accounts without declaring it to the customs authorities.
Also read: BB raises LC margin integrating foreign currencies
The BB issued a notification in this regard on Tuesday to inform people and remove the confusion over free transferring of foreign currency abroad.
Under the existing foreign exchange transaction policy, Bangladeshis living abroad can operate private foreign currency accounts or non-resident foreign currency deposit accounts in the country’s banks.
Any amount of foreign currencies sent from abroad or brought to Bangladesh from abroad can be deposited to these accounts without question.
Also read:BB struggles with dollar demand as LCs worth $ 68.36 billion open in 9 months
Besides, expatriates during departure can take abroad the money with them in the form of cash, a maximum amount of $ 5,000 and other foreign currency as required subject to the status of balance in the account.
The status of these foreign currency accounts operated in the name of expatriates or non-resident Bangladeshis can be freely sent abroad with interest. In this case, no approval of Bangladesh Bank is required.
BGMEA underscores need for NRBs' engagement in Bangladesh's development
Many non-resident Bangladeshis (NRBs) still have very strong emotional ties with Bangladesh and are willing to be a part of the country's progress through transferring skills and experience or investment, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) chief said Tuesday.
Faruque Hassan paid a courtesy call on Sadia Faizunnesa, consul general of the Consulate General of Bangladesh in New York, Tuesday.
READ: BGMEA wants to increase RMG exports to Canada, promote positive image
He requested the consul general to extend more support, services and information to potential investors to encourage them to invest in Bangladesh.
Faruque sought the cooperation of the consul general in paving the way for Bangladeshis living in the US so that they can promote the interests of Bangladesh, including branding the country positively.
READ: BGMEA chief invites Canadian businessmen to invest in Bangladesh
They discussed different issues, especially possible areas of engagement for NRBs in national development and how more foreign investment could be brought to Bangladesh.
London to host Bangladesh Capital Market Fair in Oct
The Bangladesh Capital Market Fair (BCMF) has been scheduled to be held in London, home of the largest Bengali community outside of Bangladesh and West Bengal on Sunday, 10th October 2021.
38 NRBs to get CIP cards on Jan 6
38 non-resident Bangladeshis (NRBs) will receive the commercially important person (CIP) status on January 6 next year for their outstanding contribution to the country’s economy.
All kinds of assistance being assured for NRBs: Expat Welfare Minister
Expatriates' Welfare and Overseas Employment Minister Imran Ahmad on Thursday said the government is providing all kinds of assistance for the overall security of non-resident Bangladeshis during this coronavirus pandemic.