BB relaxes regulations for outward remittances

The Bangladesh Bank (BB) has relaxed regulations allowing industrial enterprises to remit their 1.0 per cent of sales revenue for different legitimate current payments without prior approval from the central bank.

Under the relaxations, legitimate current payments like audit fee, certification fee, commissioning fee, testing fee, valuation fee, etc. will be remittable within the purview of the 1.0 per cent limit, according to a notification, issued by the BB on Thursday.

The industrial entrepreneurs earlier were allowed to remit such payments through their nominated authorised dealer (AD) banks only for training and consultancy fees without prior approval from the BB, officials said.

The central bank, however, restricts payments which require permission from competent authorities including permission from Bangladesh Investment Development Authority (BIDA) for remittances of royalty, technical knowledge or technical assistance and franchise fees.

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