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13 †m‡Þ¤^i, 2015 Lªxóvã

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Foreign Exchange Regulation (Amendment) Act, 2015 cÖms‡M|

Foreign Exchange Regulation Act,1947 (Act No. VII of 1947) Gi AwaKZi ms‡kvabK‡í cÖYxZ
Foreign Exchange Regulation (Amendment) Act, 2015 evsjv‡`k †M‡RU AwZwi³ msL¨vq †m‡Þ¤^i 9, 2015 Zvwi‡L
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Foreign Exchange Regulation Act, 1947 (Act No. VII of 1947)

I!l~~~~~~

~ ~ ~ ~'i<mf Foreign Exchange Regulation Act, 1947

(Act No. VII of 1947) I£j~ \5!f~ ~~V'lll:R~~ '{3 <2lC{lIi$j~{l;

~I ~N~ fi'j~1i(11l ~ ~ f-(~)I£j~ ~~ Foreign Exchange Regulation

(Amendment) Act, 2015 ~~W I
 "

-< I Act No, VII of 1947 <!l~ section 1 <!l~~~ r-Foreign Exchange
Regulation Act, 1947 (Act No. VII of 1947), ~g9@ ~ Act <!Mm~, <!l~

section 1 <!l~ sub-section (2) <!l~ ~ ~9f sub-section (2) ~~ $,

~:-

••(2) It extends to the whole of Bangladesh, and applies to-

(a) all citizens of Bangladesh;

(b) all persons resident in Bangladesh; and

(c) all persons in the service of the People's Republic of

Bangladesh wherever they may be." I

\!) I Act No, VII of 1947 <!l~ section 2 <!l~~~ ~ Act <!l~section 2
<!l4-

0') clause (a) <!l~9@ ~9f clause (aa) ~ $, ~:-

..(aa) ..capital account transaction" means a transaction for the

creation, modification, transfer or liquidation of a capital
asset, including but not limited to, securities issued in capital
and money markets, negotiable instruments, non-securitized
claims, units of mutual fund or collective investment
securities, commercial credits and loans financial credits,
sureties, guarantees, deposit account operations, life
insurance, personal capital movements, real estate, foreign
direct investment, portfolio and institutional investment;";

(~) clause (b) <!l~~~9f clause (b) .2f~~ $, ~:-

..(b) ..currency" includes -

(i) all coins, currency notes, bank notes, postal notes,

moneyorders, cheques, drafts, traveller's cheques, letters
of credit, bills of exchange and promissory notes; and

(ii) Such other similar physical or non-physical instruments,

or both as may be notified by the Bangladesh Bank from
time to time;";
(~) Clause (b) ~"i1 9f"i1 ~ ~<>f Clause (bb) ~<r~(bbb) ~
W,~:-
"(bb) "current account transaction" means receipts and payments
which are not for the purpose of transferring capital, and
also includes-
(i) receipts and payments due in connection with foreign
trade, other current business including services, and
normal short-term banking and credit facilities in
ordinary course of business;
(ii) receipts and payments due as interest on loans and as
net income from investments;
(iii) moderate amounts of amortization of loans or for
depreciation of direct investments, in the ordinary
course of business;
(iv) expenses in connection with foreign travel, education
and medical care of self, parents, spouse and children;
and
(v) moderate remittances for family living expenses of
parents, spouse and children resident abroad;
(bbb) "export" means-
(i) sending of goods, physical or non-physical or both,
from Bangladesh to a place outside Bangladesh;
(ii) Providing services by persons resident in Bangladesh
to any person outside Bangladesh; or
(iii) selling Bangladeshi goods or raw materials or non-
physical contents to the enterprises in Export
Processing Zones, Special Economic Zones and High-
tech parks of Bangladesh against payment in foreign
currency.";
('iT) clause (f) ~"i1 9f"i1 ~ ~<>f Clause (ff) ~<r~(fff) ~ W,
~:-

"(ff) "goods" means any goods as defined in the Customs

Act, 1969 (Act No. IVofI969);
(fff) "import" means bringing into Bangladesh any physical
or non-physical goods or services;";
(\;) clause (h) tfl"if 9f"i1 ~ ~9f clause (hh) tflq~ (hhh) ~
W,~:-
(hh) "person" means any individual, and also includes-
(i) a partnership firm;
(ii) a company;
(iii) an association of persons or body of individuals, whether
incorporated or not;
(iv) every artificial juridical entity not falling within any of
the preceding sub-clauses; and
(v) any agency, office, or branch owned or controlled by
such person;"; I
(hhh) "person resident in Bangladesh" means-
(i) an individual residing in Bangladesh for six months or
more in the last twelve months;
(ii) an individual temporarily residing in Bangladesh
holding a residential or working visa valid for not less
than six months;
(iii) a person whose place of business is in Bangladesh; or
(iv) a person whose principal place of business may be
located outside Bangladesh but branch or liaison office
or representative office of such business is in
Bangladesh;
(v) diplomatic, consular and other representative offices of
the Government of the People's Republic of
Bangladesh abroad as well as Bangladeshi citizens
employed at these offices;
(vi) persons holdings any office in service of the People's
Republic of Bangladesh wherver they may be for the
time being either on duty or on leave:
provided that "person resident in Bangladesh" shall not
include foreign diplomatic representations or accredited
officials of such representations located within Bangladesh
and offices of organizations established by international treaty
located within Bangladesh;";
 (D) clause (k) \!l~ ~ ~9f clause (k) ~~~, ~:-

"(k) "security" means either in physical or demat form,-

(i) shares, stocks, bonds, debenture stock and Government

securities, as defined in the Securities Act, 1920;

(ii) deposit receipts in respect of deposits of securities, units

of mutual fund or collective investment scheme, as
defined in Securities and Exchange Commission (Mutual
Fund) Rules, 2001; and

(iii) other instruments defined as security in the Securities

and Exchange Ordinance, 1969 (Ordinance No. XVII of
1969);

but does not include bill of exchange or promissory notes

other than Government promissory notes;";

eo clause (k) \!l~ '>0 ~9f clause (kk) "fi'Rl~, ~ :-

"(kk) "service" means services of any description, including but

not limited to, business services, professional services,
information technology services, information technology
enabled services, communication or telecommunication
services, construction services, engineering services,
distribution services, educational services, environmental
services, financial services (such as-insurance, banking and
capital market related services), health services, social
services, tourism services, travel services, recreational
services, cultural services, sport services, transport services,
electrical or other energy services or such other service as
may be notified by the government or the Bangladesh Bank
from time to tome;" I

8 I Act No. VII of 1947 \!l~ Section 3 \!l~ ~V"IWf ~ Act \!l~ section 3
\!l~

(<r) sub-section (2) \!l~ clause (iii) \!l~ "Bangladesh Bank" "14f>jl[C~31 '>0,
after giving the authorized dealer a reasonable opportunity of
explaining its position" <:f>-.:jT \S ~M ">j"~Vl1~~; \!l<r~
 (~) sub-section (4) <!1~ <>8r~9f sub-section (5) ~~~~, ~:-
"(5) Without prejudice to the provision of clause (iii) of sub-section
(2) of section 3 or section 23, Bangladesh Bank may, after
giving reasonable opportunity of being heard, impose such
amount of fine and in such manner as may be prescribed by
rules, on an authorised dealer for violation of terms of
authorization or of general or special directions or
instructions." I
Act No. VII of 1947 <!1~ section 4 <!1~~~
<?- I ~ Act <!1~ Section 4
<!1~ sub-section (4) <!1~ <>8r <r~ ~9f sub-section (5) <!1<f~(6) ~~~ ~,
~:-

"(5) Any person resident in Bangladesh may sell or purchase foreign

exchange to or from an authorised dealer if such sale or purchase is
a current account transaction; provided that the Bangladesh Bank
may, in public interest and in consultation with the Government,
impose sueh reasonable restriction on current account transactions
as may be needed to respond to current or capital account
imbalances;
(6) Subject to such restrictions as may be prescribed, the Bangladesh
Bank, in consultation with the Government, may specify the classes
of permissible capital account transactions." I
~ I Act No. VII of 1947 <!1~ Section 12 <!1~~~ ~ Act <!1~ section 12
<!1~

"Receipts of proceeds for exported goods and services"; <!1<f~

(~) sub-section (l) <!1~ 9f~ ~9f sub-section (1) ~9fi;5 ~,

<r~:-
"(1) The Government may, by notification in the official Gazette,
prohibit the export of any goods or classes of goods or services or
classes of services specified in such notification, from Bangladesh
directly or indirectly to any place so specified unless a declaration
supported by such evidence as may be prescribed or so specified is
furnished by the exporter to the prescribed authority that the
amount representing the full export value of the goods or services
has been or shall within the prescribed period be, received in the
prescribed manner. " I
 q I Act No. VII of 1947 I!l~ section 18A I!l~ ~ ~ ~
section 18A ~~ W" I

17 I Act No. VII of 1947 I!l~Section 18B I!l~~~ I---- ~ Act I!l~section
18BI!l~

(<l') sub-section (1) I!l~ ~ ~<>f sub-section (1) ~~ W",

~Q.IT:-

"(1) Person resident outside Bangladesh (whether or not a citizen of

Bangladesh) or a person who is not a citizen of, but resident in,
Bangladesh or a company (other than a banking company) not
incorporated under any law for the time being in force in
Bangladesh shall report to Bangladesh Bank within 30(thirty) days
of obtaining permission from Board of Investment or similar
competent authority in Bangladesh to establish in Bangladesh a
branch office or liaison office or representative office or any other
place of business for carrying on any activity of a trading
commercial or industrial nature. "; I!l<r~
(~) sub-section (2) I!l<r~
(3) ~~ W" I

l\l I Act No. VII of 1947 I!l~section 19 I!l~~~ ~ Act I!l~ section
19 I!l~sub-section (1) I!l~~ ~<>f sub-section (1) ~~ W", ~:-
"(I) The Government or the Bangladesh Bank may, at any time by
notification in the official Gazette, direct any citizen of Bangladesh,
any person resident in Bangladesh and any person in the Service of
the People's Republic of Bangladesh wherever they may be, subject
to such exceptions, if any, as may be specified in the notification, to
make a return of their holdings of foreign exchange, foreign
securities; and of any immovable property or industrial or
commercial undertaking or company outside Bangladesh, held,
owned, established or controlled by him or in which he has any
right, title or interest, within such period and giving such
particulars, as may be so specified." I

~o I Act No. VII of 1947 I!l~section 20 I!l~~~ ~ ~ section

201!l~

(<l') sub-section (1) ~~ W"; I!l<r~

 ("<I") sub-section (3) <£l~ 9@~9f sub-section (4) ~~:c<rt~~, ~:l--

"(4). Bangladesh Bank, may, by notification in the official Gazette,

require any or all individual or class of individual (other than
diplomats or any group of individual, as specified in the
notification) who is not a citizen of Bangladesh, but staying or
working in Bangladesh or providing any service in Bangladesh
for any period to any person to provide information, which
Bangladesh Bank considers it necessary or expedient for the
purpose of this Act, to Bangladesh Bank or any other authority,
as stated in such notification." I

~~ I Act No. VII of 1947 <£l~ section 23 <£l~ JR~ ~ ~ section

23 <£l~ sub-section (1) <£l ~ "four years" ~ffi ~ "Seven years"
~~~9f\5~1

~~
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