Bangladesh Bank has scrapped the requirement to report the opening of temporary Non-Resident Taka Accounts (NRTAs) and temporary foreign currency accounts, easing procedures for foreign investors.
In a circular issued Tuesday, the central bank said banks must now notify the Foreign Exchange Investment Department only after a company is incorporated, within 14 days, along with documents such as encashment certificates, transaction IDs, and account statements.
Funds can be retained in foreign currency for up to one year or encashed into taka. If encashed, investors must file Form-C electronically, with the company’s representative signing the printed version within 14 days of incorporation.
The central bank has also allowed repatriation of balances without prior approval if the proposed investment does not go ahead, provided banks report the closure within 14 days with supporting forms and statements.
The move, effective immediately, is aimed at cutting red tape and speeding up foreign capital inflows.
