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The Financial Express

Bangladesh Bank relaxes passport endorsement rules

| Updated: January 23, 2021 18:26:23


The Bangladesh Bank seal is pictured on the wall outside the central bank headquarters in Motijheel, the bustling commercial hub in capital Dhaka — UNB/Files The Bangladesh Bank seal is pictured on the wall outside the central bank headquarters in Motijheel, the bustling commercial hub in capital Dhaka — UNB/Files

The central bank on Thursday relaxed the rules of foreign currency endorsement on passports by allowing non-cash or international cards provided the users maintain a foreign currency account.

According to a Bangladesh Bank (BB) circular issued on Thursday, the authorised dealers (ADs) have been advised to release up to 5,000 in the form of USD notes and remainder in other convertible currencies within the prescribed limit.

"This is to clarify that endorsement on passports is applicable against release of foreign exchange either in cash or in non-cash form like international cards, etc. or both out of eligible entitlements of travels."

The endorsement is equally applicable for release of foreign exchange in cash irrespective of entitlements/sources to persons other than those holding foreign passports, said the circular.

However, it added, foreign exchange can be released without endorsement on passports in non-cash form like international cards, etc. out of balances held in private foreign currency accounts and resident foreign currency deposit accounts of concerned account-holders as per section 1 and 3, chapter 13 of the guideline concerned.

As usual, the ADs shall comply with the threshold limit in case of the release of foreign exchange in USD notes and official visits shall remain out of the purview of the endorsement.

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