Banks do not need prior BB approval to send fees abroad

The central bank has relaxed foreign-exchange regulations allowing banks to remit O-Level and A-Level exam fees abroad without prior approval from the Bangladesh Bank (BB).

The authorised dealer (AD) banks have also been asked to allow authorised examination centres to collect admission and examination fees in Bangladesh Taka (BDT) for outward remittances.

The examinations include the Test of English as a Foreign Language (TOEFL), Scholastic Assessment Test (SAT), etc., and secondary and higher secondary equivalent studies under recognised foreign academic bodies or authorities for outward remittances.

In this case, examination centers-customers need to be duly authorised by relevant bodies or authorities abroad.

"It has been decided that ADs may release foreign exchange on account of admission/registration and examination-related fees for studies in secondary and higher secondary equivalent levels under recognised foreign academic bodies, examinations of which are to be held in authorised examination centres in Bangladesh," the central bank said in a notification on Monday.

Earlier, banks could allow such remittances with approval of the central bank, according to the central bank officials.

From now on, banks can remit on behalf of exam centres for conducting examination in Bangladesh of secondary and higher secondary equivalent studies such as O-Level, A/-Level, they explained.

In addition, fees for examination of TOEFL, SAT, etc. can be remittable without the central bank approval, they added.

"We've relaxed our foreign exchange regulations as a part of ongoing reform programmes to facilitate smooth remittance transactions," a BB senior official told The Financial Express (FE) while explaining the main objective of the notification.

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