Thursday, June 29, 2017

What are the utilization of fund of Foreign Currency Account?



Answer:
Ø  Authorized Dealer can freely transfer any amount any where of the world by FTT, FDD etc as per request of the account holder from the F/C Account.( From the FC Account of Diplomatic Bonded Warehouse is not permissible . Only import payment is possible
Ø  Account holder can use the Foreign currency for travel purpose in the form of Traveler cheque & cash form.
Ø  Account holder can encash the Foreign currency in local currency.
Ø  FC may be transfer to another F/C NFCD account
Ø  To meet import obligation(In case FC held by Bangladeshi National)
Ø  In case of local/joint venture contracting firms all expenses in foreign exchange as per relevant contract also  expenses may be done  ( If any bill paid in foreign currency by the foreign mission/foreign donors from the FC account, the beneficiary of that bill is obliged to encash the same with in one month from the date of receipt of that bill.
Ø  In case of Diplomatic Bonded Warehouse, they to encash at least 50% of gross profit (sales price of the merchandise minus purchase price of the merchandise.
Ø  No payment in FC may be made to or on behalf of any resident in Bangladesh out of FC A/C (This restriction is not applicable for foreign diplomats and privileged persons or any other person or firms who have specific authority from Bangladesh Bank to accept such payments
 

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