Exporter’s retention quota can be used to pay foreign staffers’ salary
The Bangladesh Bank has allowed export-oriented farms to pay up to 75% of their foreign employees’ net monthly income from the exporter’s retention quota (ERQ) accounts
The Bangladesh Bank has allowed export-oriented farms to pay up to 75% of their foreign employees' net monthly incomes from the exporter's retention quota (ERQ) accounts to the workers' foreign currency accounts.
The amount that would be transferred to the foreign employees' FC accounts must be equivalent to 75% of their monthly income, the central bank said in a circular on Tuesday.
The financial regulator also asked banks to verify whether the foreign workers or employees have valid work permits from the government.
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As per the existing rules, foreign nationals residing in Bangladesh and having income here are allowed to send their earnings to other countries where their family members live beside the country of their domicile.
The Bangladesh Bank in April 2013 raised the limit on remittance for the foreign nationals to 75% of their net incomes from the previous 50%.
