From now on, foreign embassies and their authorized visa centers or agencies operating in Bangladesh will not have to take separate approval from Bangladesh Bank to convert the money collected in local currency against visa fees and various services into foreign currency and send it to their own country.
Bangladesh Bank issued a directive in this regard on Monday. The new directive has relaxed the previous provision and said that the same facility will be applicable to embassies as well as their authorized agencies or visa centers.
Although many countries do not have direct embassies in Bangladesh, visa activities are conducted through various visa application centers and authorized agencies.
Those concerned believe that the new decision will make the financial transactions of these institutions easier.
However, in the case of sending foreign currency, the authorized dealer (AD) branches of the bank will have to properly verify the validity of the necessary documents and transactions.
At the same time, the central bank has ordered to ensure the payment of all applicable taxes and duties.
Earlier, in May this year, Bangladesh Bank issued a separate circular to facilitate the financial transactions of embassies.
The circular provided the possibility of depositing a foreign currency deposit or guarantee as a prerequisite for obtaining a visa with a foreign embassy or international authority.
The directive states that in cases where a deposit in foreign currency is required, only refundable or repatriable funds can be kept as a deposit. When the deposit expires, the concerned bank will have to bring that foreign currency back to the country.
As a result of these steps by Bangladesh Bank, financial transactions are expected to be easier and faster for individuals and institutions interested in completing the visa process abroad for higher education, training, workshops, employment or other needs.
At the same time, the activities of embassies and visa centers will also be accelerated.