Wednesday, April 24, 2024
The Bangladesh Bank has simplified documentary formalities for opening Non-Resident Investor’s Taka Accounts (NITAs).
The Foreign Exchange Investment Department (FEID) issued a circular on Sunday and sent it to all authorised dealers (ADs) in Bangladesh for the immediate execution of the directive.
The circular stated that commercial banks are using different sets of documents for opening NITAs, which may create ambiguity among the applicants.
In order to bring uniformity in opening NITAs in the name of NRBs, authorised dealers are advised to obtain specific documents and information from applicants, according to the circular.
The central bank has specified documents for opening NITAs in order to simplify the documentation.
As per the new directive, the documents require an applicant's valid passport copy, photograph, proof of address, reliable source of income, nominee or authorised person’s passport or national identity (NID) card copy, and nominee or authorised person’s photograph.
For opening NITAs in the name of non-resident foreign nationals or institutions, authorised dealers are asked to fix and distribute a unified set of documents to their branches at home and abroad to comply with the existing rules and regulations.
Banks are requested to advise all AD branches and Central Processing Centers (CPCs) for meticulous compliance with the instructions.
The ADs have to follow the tools of the Guidelines for Foreign Exchange Transactions 2018 and instructions issued earlier by the Bangladesh Financial Intelligence Unit (BFIU) to stop money laundering and terror financing, the circular said.
