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Payments abroad against royalty eased for industries in DPAs, EZs

Staff Correspondent | Published: 23:16, Oct 04,2020

 
 

The Bangladesh Bank on Sunday allowed industries operating in Domestic Processing Areas and Economic Zones to remit money abroad from their taka account against royalty, technical know-how and technical assistance fees.

Remitting money from taka account would be allowed for those entities which do not have income in foreign currency, said a central bank circular issued in this regard on the day.

In case of availability of foreign exchange out of legitimate sources in the respective foreign currency accounts of customers concerned, the banks were instructed to use such balances first before utilisation of their own sources by conversion of taka fund.

However, the BB barred banks from remitting abroad against such fees by using the combined sources for any industries operating in the export processing areas of EZs.

Earlier, the industries operating in DPA and EZs, which had income in foreign currency, were only allowed to use their balance in FC accounts for such payments. — New Age

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