BB consolidates outward remittance rules

Business Desk:

The central Bank has issued a comprehensive master circular on outward remittances, consolidating all existing regulatory instructions into a single, streamlined reference.
Bangladesh Bank issued the circular on September 30, which will remain valid for one year from the date of issuance.

The new directive aims to simplify and clarify the regulatory framework governing outward remittances.

It brings together guidelines covering a wide range of areas, including travel, private transfers, remittances of profits and dividends, institutional remittances, export claims, remittances related to insurance and reinsurance, payments through international cards, and the use of card platforms as payment channels.

However, the circular excludes provisions related to import payments and remittances for transport services.

Central bank officials said the consolidation is intended to eliminate procedural ambiguities and promote greater efficiency in cross-border transactions.

It will benefit remitters and authorised dealer banks by offering greater clarity and ease of compliance, they said.