Circular No. 02 dated 8 January 2023 issued by the Foreign Exchange Investment Department of Bangladesh Bank on “The Simplification of Documentary Formalities for Opening Non-Resident Investors’ Taka Accounts (“NITAs”)”

Bangladesh Bank provided clarification on the opening of NITAs in the name of NRBs. Per the circular, authorized dealers (“ADs”) should obtain the following documents and information from applicants:

• Copy of the applicant’s valid passport
• Photograph of the applicant
• Proof of address of the applicant
• Evidence of the applicant having a reliable source of income
• Copy of the nominee’s/authorized person’s passport or national identity card
• Photograph of the nominee/authorized person

For opening NITAs in the name of non-resident foreign nationals or institutions, ADs should establish and distribute a unified set of documents to their branches at home and abroad to comply with the existing rules and regulations.