To obtain a greater number and amount of foreign remittances, the Foreign Exchange Investment Department of Bangladesh Bank issued a circular aiming at simplifying account opening procedures for NRBs and bringing uniformity to account opening forms.
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The commercial banks of our country are practicing some sort of variety in account opening forms to ensure the security of both the banks and the applicants. This variation of account opening form, however, is ambiguous and requires some effort to fill out. To minimize this hassle Foreign Exchange Investment Department of Bangladesh Bank issued this circular for Simplification of documentary formalities for opening Non-Resident Investor’s Taka Accounts (NITAs).
Previously Foreign Exchange Investment Department provide detailed Guidelines for Foreign Exchange Transactions 2018 (GFET), Vol-1. In this guideline Section IV, Chapter 14, clearly outlined the procedural modalities of NITAs. Along with this guideline, BRPD Circular No. 02, dated 23 February 2020, BRPD Circular letter No.16, dated 11 March 2021 outline the account opening form while BFIU Circular No.26, dated 16 June 2020 and BFIU Circular letter No.01 dated 27 July 2022 provide guidance for prevention of money laundering, terrorist financing and proliferation financing including KYC procedure and account opening by Non-resident Bangladeshis (NRBs). This circular will help the remitter to open a bank account easily. Which will boost our foreign remittance.
In order to simplify and create uniqueness, Bangladesh Bank advised all commercial banks in this circular that whenever they open a Non-Resident Investor’s Taka Account (NITA) in the name of NRBs, their Authorized Dealer (AD) branch must obtain the following documents and information from applicants:
For Non-resident Bangladeshis (NRBs):
- Applicant’s valid passport copy;
- Applicant’s photograph;
- Applicant’s proof of address;
- Reliable source of income of the applicant;
- Nominee/authorized person’s passport or national identity card (NID) copy;
- Nominee/authorized person’s photograph.
Non-resident foreign nationals or institutions:
And in the case of non-resident foreign nationals or institutions Banks ADs shall fix and distribute a unified set of documents to their branches at home and abroad.
According to Bangladesh bank, Monthly data of Wage earners’ remittance recorded for the month of December was 1699.70 million US dollar.
Important Link:
01. Original Circular: 👉CLICK HERE
02. Guidelines for Foreign Exchange Transactions 2018 (GFET), Vol-1.👉CLICK HERE