BB relaxes regulations for outward remittances

The central bank on Thursday issued a circular relaxing the regulations on outward remittance by allowing sending money abroad for the payment of various fees.

Companies can now also remit 1.0 per cent of sales revenue for different legitimate current payments without prior approval from the Bangladesh Bank.

As a result, current account payments like audit fee, certification fee, commissioning fee, testing fee, valuation fee, etc can be remitted abroad following proper regulations.

However, the central bank will restrict payments which require permissions from responsible authorities including but not limited to Bangladesh Investment Development Authotity (BIDA) for remittances of royalty, technical assistance and franchise fee.

BB issued a separate circular allowing banks to remit software maintenance fees without taking approval from the Bangladesh Bank.