BB relaxes outward remittance rules for foreign nationals
But from now, foreign nationals are allowed to repatriate their savings at the end of the financial year, sources said
The Bangladesh Bank has relaxed the outward remittance rules for foreigners working in Bangladesh.
"To bring further liberalisation regarding family remittance, it has now been decided that authorised dealers are allowed to remit up to 80% of earned net income after tax at any time of the year subject to availability of fund in the bank accounts of foreign nationals working in Bangladesh," says the central bank in a letter, issued on Monday.
The remaining 20% of foreign nationals' net income will be remittable at the end of the financial year upon completion of income tax assessment, supported by a certificate issued by the tax authority concerned, it adds.
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Earlier, foreign nationals, who are living in Bangladesh and have income here, were given permission to make monthly remittances to the country of their domicile up to 75% of their net income.
They were also allowed to transfer abroad their genuine savings out of salaries and benefits at the time of leaving Bangladesh permanently after the expiry of their service period, according to the Guidelines for Foreign Exchange Transactions (GFET).
But from now, foreign nationals are allowed to repatriate their savings at the end of the financial year, sources said.
ADs are allowed to remit foreign nationals' net income from the employers' foreign currency accounts opened and maintained for this purpose to the countries where the family members of the foreign employees reside.
Before executing the remittances, ADs will ensure that the remittable amount does not exceed the balance held in the related bank account, says the central bank.
