Cenbank allows exam centers of O, A-Level to make payments abroad
These exam centers must be duly authorised by relevant foreign academic bodies or authorities, says the central bank
The Bangladesh Bank has allowed authorised examination centers conducting international exams such as O Level, A Level, TOEFL, and SAT to send payments abroad without prior approval from the central bank.
In a circular issued yesterday (21 April), the central bank directed commercial banks to permit exam centers to collect admission and exam-related fees in Bangladeshi taka for outward remittance.
These centers must be duly authorised by relevant foreign academic bodies or authorities, said the circular.
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The circular specifies that banks can now process remittances based on proper invoices and detailed statements that include applicable taxes such as source tax and VAT.
Additionally, banks must obtain declarations and undertakings from the exam centers before processing any remittance.
Previously, such transactions required prior approval from the Bangladesh Bank.
Under the new guidelines, banks now can directly remit payments abroad on behalf of examination centers for internationally recognised secondary and higher secondary level examinations.
Wishing anonymity, a Bangladesh Bank official said the move is part of ongoing financial reforms aimed at streamlining remittance procedures and reducing bureaucratic hurdles.
