Bangladesh Bank has doubled the amount of foreign currency a person can take for treatment abroad without its prior approval. From now on an individual may take up to $30,000, or the equivalent in another currency, for medical treatment; the limit was $15,000.
The central bank's foreign exchange policy department issued the circular on Monday (9 November) to all authorised dealer (AD) banks. AD banks may now release up to $30,000 per person for treatment abroad without seeking Bangladesh Bank's approval first, which should make it easier for patients to obtain currency.
Banks may also now release foreign currency for secondary and higher-secondary schooling abroad without prior approval. Before sending the money, however, the bank must check whether the school offers free education.
For correspondence courses, only certification and professional courses could previously be paid for without prior approval; regular academic study is now covered too.
The circular adds a condition: a resident who brings foreign currency from abroad and wants to deposit it in a Resident Foreign Currency Deposit (RFCD) account must declare it to customs on form FMJ, and only declared currency may be deposited. Bangladesh Bank said the condition follows the widening of permitted remittances for travel, treatment and study.
Other earlier instructions on the subject remain unchanged, the circular says. The report is by Sarabangla.
Photo: Rashed Ali / Wikimedia Commons (CC BY-SA 3.0)
Source: Sarabangla
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