Showing posts with label Irregularities that may happen while releasing Foreign Currency for Education Purpose. Show all posts
Showing posts with label Irregularities that may happen while releasing Foreign Currency for Education Purpose. Show all posts

Saturday, July 8, 2017

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.