Bangladesh Bank extends forex support for Bangladeshis stranded abroad
The Bangladesh Bank has extended forex facility for the Bangladeshi nationals stranded abroad as a result of travel ban imposed by different countries amid the coronavirus outbreak.
Beneath the extended facility, Bangladeshi nationals will be eligible for get cash facility beyond the allowable limit specified by the central bank, a BB official said.
The BB found understand that many Bangladeshi nationals were in dire need of money in several countries after exhausting their endorsed card limit and the currencies with them, prompting the central bank to take the step, the state said.
To this end, the central bank’s forex policy department issued a circular on Sunday.
It said, ‘It is observed that Bangladeshi nationals visiting abroad are facing problems for returning home because of travel disruptions arising out of COVID-19 pandemic.’
To facilitate their expenses required abroad, it's been decided to allow banks to release forex within the permissible limit on travel and/or medical entitlement within their international cards, it said.
Within the prevailing regulatory framework, Bangladeshi nationals each are permitted to spend up to $12,000 or equivalent sum of money in other currencies in a twelve months whilst travelling abroad for private purposes.
Of the allowable amount, every individual is permitted to transport highest $5,000 in cash in the united states dollar notes and all of those other money through bank cards or in profit other convertible currencies like the euro, pound and yuan.
As well as the $12,000, persons traveling abroad on medical ground are allowed to spend another $10,000 each in a year.
In addition to the usual limit, banks were be permitted to remit to the designated accounts abroad by method of bank transfer or make fund open to them through exchange houses by credit in the related taka accounts maintained under drawing arrangements, the BB circular said.
In case of excess fund requirements due to any unavoidable situation, the banks are also allowed to release reasonable amount for subsistence of the travellers concerned to deal up with the situation, at the mercy of post-facto approval of the BB, it said.
Beneath the facility, relatives of the stranded individuals can remit money through the use of PIN number-based money transfer service like Western Union.
However, the banks, before releasing forex, will have to gratify themselves regarding the authenticity of the request.
In a separate circular, the BB on Sunday said that the Bangladesh Automated Clearing House (BACH) of the central bank would remain functional from Monday to Thursday this week.
The central bank made a decision with a view to facilitating payments of social allowances, ensuring other government services, way to obtain goods, and emergency inter-bank transactions to serve the poor and helpless people.
Source: https://www.newagebd.net
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