Parliament yesterday passed the Foreign Exchange Regulation (Amendment) Bill, 2015, by voice vote. It was placed in the House by Finance Minister AMA Muhith.
The bill widens the definition of currency, securities, export, import, person, residence in Bangladesh, services, current account transactions, goods and capital account transactions.
The law is applicable to both Bangladeshi and foreign citizens residing in Bangladesh.
Bangladesh Bank has been empowered to seek information related to foreign exchange, securities and the permanent assets of people residing in the country.
Under the new law, Bangladesh Bank will have the authority to charge administrative fines to foreign exchange dealers who violate the conditions of their license or fail to comply with government or central bank directives.
The amendment removes the requirement for those working as agents of foreign firms to receive prior permission from Bangladesh Bank.
The Foreign Exchange Regulation Act was first formulated in 1947 and was revised twice, in 1976 and 2003.
