Finance
Foreign Currency Bangladesh Bank directs people to sell foreign currency by Sept 30 if they have more than $10,000
Own Correspondent, Dhaka, Sept 1: The central bank has ordered the sale of more than 10,000 unauthorized dollars or equivalent foreign currency brought by expatriates by September 30. That is, expatriates who have brought more than 10,000 dollars or foreign currency with them when coming to the country must sell it to an authorized dealer bank or a licensed money changer by September 30. Otherwise, legal action will be taken.
Bangladesh Bank issued a notification in this regard on Wednesday (August 31).
According to the notification, expatriate Bangladeshis can deposit 10,000 US dollars or equivalent foreign currency brought from abroad as resident foreign currency deposit with themselves or in an authorized dealer bank and can take the foreign currency with them on their next trip abroad. However, it is mandatory to sell the foreign currency in excess of USD 10,000 to an authorized dealer bank or a licensed money changer within one month of its arrival in the country or deposit it as a resident foreign currency deposit.
Possession of foreign currency outside the above authority is an offense punishable under the Foreign Exchange Regulation Act, 1947.
Non-authorized foreign currency should be sold to an authorized dealer bank or a licensed money changer within September 30. Strict legal action will be taken against the expatriate if unauthorized foreign currency is found in the possession of the expatriate after the specified period.
