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BB allows unlimited royalty remittance for EZ units with BEZA nod
Bangladesh Bank (BB) has allowed authorised dealers (ADs) to remit foreign currency beyond existing limits on account of royalty, technical know-how and technical assistance fees for Domestic Processing Areas (DPAs) of Economic Zones (EZs), subject to prior approval from the Bangladesh Economic Zones Authority (BEZA). Demographics
The central bank's Foreign Exchange Policy Department issued a circular for all authorised dealers on Monday in this regard.
According to the circular, ADs may now effect outward remittances on these accounts beyond the ceilings prescribed in paragraphs 49(1) and 49(2) of the foreign exchange guidelines, provided BEZA clears the transactions beforehand.
The central bank said BEZA approval will also be mandatory for outward remittances against other similar legitimate expenses, irrespective of the amount involved, ensuring uniform oversight of such payments from EZ-based enterprises.
All other existing provisions relating to such remittances will remain unchanged, the circular added.
The relaxation is expected to ease foreign currency payment procedures for industries operating in DPAs of Economic Zones, particularly those relying on foreign technology, licensing and technical support arrangements, as the central bank continues to streamline exchange regulations for export-oriented and industrial enterprises, reports UNB.