‰e‡`wkK gy ª̀v bxwZ wefvM evsjv‡`k e¨vsK cÖavb Kvhv©jq

XvKv | www.bb.org.bd

GdBwcwW mvKz©jvi bs- 11 ZvwiL t ---------------------------

cÖavb wbe©vnx/e¨e¯’vcbv cwiPvjK evsjv‡`‡ki mKj Aby‡gvw`Z wWjvi e¨vsK/gvwb †PÄvi

wcÖq g‡nv`q,

ForeignExchangeRegulation(Amendment)Act,2015cÖms‡M|

Foreign Exchange Regulation Act,1947 (Act No. VII of 1947) Gi AwaKZi ms‡kvabK‡í cÖYxZ

ForeignExchangeRegulation(Amendment)Act,2015evsjv‡`k †M‡RU AwZwi³ msL¨vq †m‡Þ¤^i 9, 2015 Zvwi‡L

cÖKvwkZ n‡q‡Q, hvi Abywjwc cieZx© c„ôvmg~‡n ûeû cybtgyw`ªZ n‡jv| ms‡kvwaZ AvB‡bi avivmg~‡ni wb‡`©kbv mswkøó mKj cÿ‡K

AewnZKiYc~e©K Gi cwicvjb wbwðZ Kivi Rb¨ Avcbv‡`i Aby‡iva Kiv hv‡”Q|

AbyMÖnc~e©K cÖvwß ¯^xKvi Ki‡eb|

Avcbv‡`i wek¦ Í̄,

(RMbœv_ P›`ª †Nvl) Dc-gnve¨e ’̄vcK †dvbt 9530092

B‡gBj- fepd.femp1@bb.org.bd

29 fv`Ö, 1422 e½vã

13 †m‡Þ¤^i, 2015 Lªxóvã

~N>~I$~~

~'f~~~

~~~ ~ ~ ~ ~~ ~({ \51:5",~8~~ CllIIbIC'1<l'o~ ~~, ~o~({

~ ~~ >1"1lf\!l"1I~<l'ru{lIC~ 1£j<1~I£j~ I£j~ ~ ~1:fMcrn- 15l'1'1f\!l~ iSMT

~<t>m ~I~C\!)C~:-

Foreign Exchange Regulation Act, 1947 (Act No. VII of 1947)I!l~~~~~~

~ ~ ~ ~'i<mf Foreign Exchange Regulation Act, 1947(Act No. VII of 1947) I£j~ \5!f~ ~~V'lll:R~~ '{3<2lC{lIi$j~{l;

~ I ~N~ fi'j~1i(11l ~ ~ f-(~)I£j~ ~~ Foreign Exchange Regulation(Amendment) Act, 2015 ~~W I

"

-< I Act No, VII of 1947 <!l~ section 1 <!l~~~ r-Foreign Exchange

Regulation Act, 1947 (Act No. VII of 1947), ~g9@ ~ Act <!Mm~, <!l~

section 1 <!l~ sub-section (2) <!l~ ~ ~9f sub-section (2) ~~ $,~:-

••(2) It extends to the whole of Bangladesh, and applies to-

(a) all citizens of Bangladesh;

(b) all persons resident in Bangladesh; and

(c) all persons in the service of the People's Republic of

Bangladesh wherever they may be." I

\!) I Act No, VII of 1947 <!l~section 2 <!l~~~ ~ Act <!l~section 2

<!l4-

0') clause (a) <!l~9@ ~9f clause (aa) ~ $, ~:-

..(aa) ..capital account transaction" means a transaction for the

creation, modification, transfer or liquidation of a capital

asset, including but not limited to, securities issued in capital

and money markets, negotiable instruments, non-securitized

claims, units of mutual fund or collective investment

securities, commercial credits and loans financial credits,

sureties, guarantees, deposit account operations, life

insurance, personal capital movements, real estate, foreign

direct investment, portfolio and institutional investment;";

(~) clause (b) <!l~~~9f clause (b) .2f~~ $, ~:-

..(b) ..currency" includes -

(i) all coins, currency notes, bank notes, postal notes,

moneyorders, cheques, drafts, traveller's cheques, letters

of credit, bills of exchange and promissory notes; and

(ii) Such other similar physical or non-physical instruments,

or both as may be notified by the Bangladesh Bank from

time to time;";

(~) Clause (b) ~"i1 9f"i1 ~ ~<>f Clause (bb) ~<r~(bbb) ~W,~:-"(bb) "current account transaction" means receipts and payments

which are not for the purpose of transferring capital, andalso includes-

(i) receipts and payments due in connection with foreigntrade, other current business including services, andnormal short-term banking and credit facilities inordinary course of business;

(ii) receipts and payments due as interest on loans and asnet income from investments;

(iii) moderate amounts of amortization of loans or fordepreciation of direct investments, in the ordinarycourse of business;

(iv) expenses in connection with foreign travel, educationand medical care of self, parents, spouse and children;and

(v) moderate remittances for family living expenses ofparents, spouse and children resident abroad;

(bbb) "export" means-

(i) sending of goods, physical or non-physical or both,from Bangladesh to a place outside Bangladesh;

(ii) Providing services by persons resident in Bangladeshto any person outside Bangladesh; or

(iii) selling Bangladeshi goods or raw materials or non-physical contents to the enterprises in ExportProcessing Zones, Special Economic Zones and High-tech parks of Bangladesh against payment in foreigncurrency.";

('iT) clause (f) ~"i1 9f"i1 ~ ~<>f Clause (ff) ~<r~(fff) ~ W,~:-

"(ff) "goods" means any goods as defined in the CustomsAct, 1969 (Act No. IVofI969);

(fff) "import" means bringing into Bangladesh any physicalor non-physical goods or services;";

(\;) clause (h) tfl"if 9f"i1 ~ ~9f clause (hh) tflq~ (hhh) ~W,~:-(hh) "person" means any individual, and also includes-

(i) a partnership firm;

(ii) a company;

(iii) an association of persons or body of individuals, whetherincorporated or not;

(iv) every artificial juridical entity not falling within any ofthe preceding sub-clauses; and

(v) any agency, office, or branch owned or controlled bysuch person;"; I

(hhh) "person resident in Bangladesh" means-

(i) an individual residing in Bangladesh for six months ormore in the last twelve months;

(ii) an individual temporarily residing in Bangladeshholding a residential or working visa valid for not lessthan six months;

(iii) a person whose place of business is in Bangladesh; or

(iv) a person whose principal place of business may belocated outside Bangladesh but branch or liaison officeor representative office of such business is inBangladesh;

(v) diplomatic, consular and other representative offices ofthe Government of the People's Republic ofBangladesh abroad as well as Bangladeshi citizensemployed at these offices;

(vi) persons holdings any office in service of the People'sRepublic of Bangladesh wherver they may be for thetime being either on duty or on leave:

provided that "person resident in Bangladesh" shall notinclude foreign diplomatic representations or accreditedofficials of such representations located within Bangladeshand offices of organizations established by international treatylocated within Bangladesh;";

(D) clause (k) \!l~ ~ ~9f clause (k) ~~~, ~:-

"(k) "security" means either in physical or demat form,-

(i) shares, stocks, bonds, debenture stock and Governmentsecurities, as defined in the Securities Act, 1920;

(ii) deposit receipts in respect of deposits of securities, unitsof mutual fund or collective investment scheme, asdefined in Securities and Exchange Commission (MutualFund) Rules, 2001; and

(iii) other instruments defined as security in the Securitiesand Exchange Ordinance, 1969 (Ordinance No. XVII of1969);

but does not include bill of exchange or promissory notesother than Government promissory notes;";

eo clause (k) \!l~ '>0 ~9f clause (kk) "fi'Rl~, ~ :-

"(kk) "service" means services of any description, including butnot limited to, business services, professional services,information technology services, information technologyenabled services, communication or telecommunicationservices, construction services, engineering services,distribution services, educational services, environmentalservices, financial services (such as-insurance, banking andcapital market related services), health services, socialservices, tourism services, travel services, recreationalservices, cultural services, sport services, transport services,electrical or other energy services or such other service asmay be notified by the government or the Bangladesh Bankfrom time to tome;" I

8 I Act No. VII of 1947 \!l~ Section 3 \!l~ ~V"IWf ~ Act \!l~ section 3\!l~

(<r) sub-section (2) \!l~ clause (iii) \!l~ "Bangladesh Bank" "14f>jl[C~31 '>0,

after giving the authorized dealer a reasonable opportunity ofexplaining its position" <:f>-.:jT \S ~M ">j"~Vl1~~; \!l<r~

(~) sub-section (4) <!1~ <>8r~9f sub-section (5) ~~~~, ~:-

"(5) Without prejudice to the provision of clause (iii) of sub-section(2) of section 3 or section 23, Bangladesh Bank may, aftergiving reasonable opportunity of being heard, impose suchamount of fine and in such manner as may be prescribed byrules, on an authorised dealer for violation of terms ofauthorization or of general or special directions orinstructions." I

<?- I Act No. VII of 1947 <!1~section 4 <!1~~~ ~ Act <!1~Section 4<!1~ sub-section (4) <!1~ <>8r<r~ ~9f sub-section (5) <!1<f~(6) ~~~ ~,~:-

"(5) Any person resident in Bangladesh may sell or purchase foreignexchange to or from an authorised dealer if such sale or purchase isa current account transaction; provided that the Bangladesh Bankmay, in public interest and in consultation with the Government,impose sueh reasonable restriction on current account transactionsas may be needed to respond to current or capital accountimbalances;

(6) Subject to such restrictions as may be prescribed, the BangladeshBank, in consultation with the Government, may specify the classesof permissible capital account transactions." I

~ I Act No. VII of 1947 <!1~Section 12 <!1~~~ ~ Act <!1~section 12<!1~

"Receipts of proceeds for exported goods and services"; <!1<f~

(~) sub-section (l) <!1~ 9f~ ~9f sub-section (1) ~9fi;5 ~,

<r~:-

"(1) The Government may, by notification in the official Gazette,prohibit the export of any goods or classes of goods or services orclasses of services specified in such notification, from Bangladeshdirectly or indirectly to any place so specified unless a declarationsupported by such evidence as may be prescribed or so specified isfurnished by the exporter to the prescribed authority that theamount representing the full export value of the goods or serviceshas been or shall within the prescribed period be, received in theprescribed manner. " I

q I Act No. VII of 1947 I!l~ section 18A I!l~ ~ ~ ~section 18A ~~ W" I

17 I Act No. VII of 1947 I!l~Section 18B I!l~~~ I---- ~ Act I!l~section18BI!l~

(<l') sub-section (1) I!l~ ~ ~<>f sub-section (1) ~~ W",~Q.IT:-

"(1) Person resident outside Bangladesh (whether or not a citizen ofBangladesh) or a person who is not a citizen of, but resident in,Bangladesh or a company (other than a banking company) notincorporated under any law for the time being in force inBangladesh shall report to Bangladesh Bank within 30(thirty) daysof obtaining permission from Board of Investment or similarcompetent authority in Bangladesh to establish in Bangladesh abranch office or liaison office or representative office or any otherplace of business for carrying on any activity of a tradingcommercial or industrial nature. "; I!l<r~

(~) sub-section (2) I!l<r~(3) ~~ W" I

l\l I Act No. VII of 1947 I!l~section 19 I!l~~~ ~ Act I!l~ section19 I!l~sub-section (1) I!l~~ ~<>f sub-section (1) ~~ W", ~:-

"(I) The Government or the Bangladesh Bank may, at any time bynotification in the official Gazette, direct any citizen of Bangladesh,any person resident in Bangladesh and any person in the Service ofthe People's Republic of Bangladesh wherever they may be, subjectto such exceptions, if any, as may be specified in the notification, tomake a return of their holdings of foreign exchange, foreignsecurities; and of any immovable property or industrial orcommercial undertaking or company outside Bangladesh, held,owned, established or controlled by him or in which he has anyright, title or interest, within such period and giving suchparticulars, as may be so specified." I

~o I Act No. VII of 1947 I!l~section 20 I!l~~~ ~ ~ section201!l~

(<l') sub-section (1) ~~ W"; I!l<r~

("<I") sub-section (3) <£l~ 9@~9f sub-section (4) ~~:c<rt~~, ~:l--

"(4). Bangladesh Bank, may, by notification in the official Gazette,require any or all individual or class of individual (other thandiplomats or any group of individual, as specified in thenotification) who is not a citizen of Bangladesh, but staying orworking in Bangladesh or providing any service in Bangladeshfor any period to any person to provide information, whichBangladesh Bank considers it necessary or expedient for thepurpose of this Act, to Bangladesh Bank or any other authority,as stated in such notification." I

~~ I Act No. VII of 1947 <£l~ section 23 <£l~ JR~ ~ ~ section23 <£l~ sub-section (1) <£l ~ "four years" ~ffi ~ "Seven years"~~~9f\5~1

~~~~rn'&~ (~<£l) I

o:!Tg ~~, %9f9f~ CI1T~~), <m.~~Rt~, ~, UT<fSt 'f''i'f' W I~n ~~ ~ (%~), %9f~, <m:C'fTCI1"t ~ 'S ~~,

C\5'Sl~, lJT<tlT'f''i'f' ~<!>l~ I website: www.bgpress.gov.bd