Cenbank eases foreign remittance rules for Hi-Tech Park firms
Bangladesh Bank said the measure was introduced to facilitate the settlement of foreign payment obligations of industrial enterprises operating in Hi-Tech Parks.
Bangladesh Bank has eased foreign remittance rules for industrial enterprises operating in Hi-Tech Parks, allowing them to make certain overseas payments from their taka accounts.
Enterprises will be able to pay royalty, technical know-how and technical assistance fees within prescribed limits without prior approval from Bangladesh Bank or the Bangladesh Hi-Tech Park Authority (BHTPA), according to a central bank circular issued today (3 September).
The circular said authorised dealer (AD) banks can facilitate such outward remittances from the enterprises' taka accounts, in addition to the existing facility for making payments from foreign currency accounts.
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Before processing remittances from taka accounts, AD banks must ensure that the industrial enterprise concerned has no source of income in foreign currency.
Bangladesh Bank said the measure was introduced to facilitate the settlement of foreign payment obligations of industrial enterprises operating in Hi-Tech Parks.
However, prior approval from BHTPA will still be required if royalty, technical know-how or technical assistance fees exceed the prescribed limits.
BHTPA's prior approval will also be required for remittances related to other similar legitimate expenses, regardless of the amount.
The move is expected to provide greater flexibility to industrial enterprises in Hi-Tech Parks in meeting their overseas contractual and operational payment obligations.
