Circular No. 05 dated 10 August 2023 issued by the Foreign Exchange Investment Department of the Bangladesh Bank on “Opening and Operation of Non-Resident Investors’ Taka Accounts for Non-Resident Bangladeshis through Authorized Dealers’ Online Interactive Web Platforms”September 6, 2023
The circular urges authorized dealers (“ADs”) in foreign exchange to establish an online platform for the convenience of non-resident Bangladeshis (“NRBs”) to open and manage non-resident investor taka accounts (“NITAs”).
The circular underscores the significance of boosting foreign investment in Bangladesh and provides clear directives to ADs on creating a user-friendly digital interface to streamline the NITA opening process for NRBs. The new guidelines mandate ADs to offer comprehensive instructions on their websites for NRBs to initiate NITA openings through the online platform. This includes providing electronic account opening forms with the capability to upload the necessary documents.
Furthermore, ADs are instructed to verify the information and documents submitted by applicants and assist them with the deposit remittance process. They are also required to accept deposits from NRBs via international cards, which necessitates the establishment of technical arrangements for seamless fund transfers. Additionally, thorough verification of deposits made through traditional banking channels is mandated to ensure their authenticity.