What are the Irregularities that may happen while releasing Foreign Currency for Education Purpose?

Answer:

·        Release FC for irregular course without prior approval of Bangladesh Bank(BB)

·        Release FC for Language course/Diploma course as a pre-requisite for regular course without prior approval of BB.

·        Release FC without any authenticate Letter of Acceptance.

·        Rrelease FC without obtaining any authenticate Invoice/Demand note from the foreign Institution.

·        Release FC without obtaining any formal application from the student.

·        Release FC without obtaining any application in prescribed form.

·        Release FC without verifying signature of the student.

·        Release FC without obtaining any sponsor’s commitment.

·        Retaining academic transcript without verification.

·        Case forwarding to BB for prior approval without any authentication of academic transcript.

·        Validity of PP is ignored.

·        FC release for more than one academic year at a time.

·        FC release for more than one course at a time violating the prevailing instructions.

·        FC releases for second semester/year without obtaining authenticate progress report and current estimate from the foreign educational institution.

·        FC issued without adjustment with normal travel quota.

·        More than US$ 200 is allowed for transit.

·        AD Bank does not retain photocopies of all papers/documents for subsequent verification purpose by BB.

·        FDD is issued for tuition fee in favour of student instead of institution.

·        AD Bank fails to maintain separate student file as per instructions.