Bangladesh Bank on Monday said authorised dealer branches of the scheduled banks would not need to take prior approval from the central bank to remit foreign exchange as maintenance fees for proprietary and specialised software to service providers abroad.
To this end, the BB issued a circular to the AD branches of all banks saying that they (AD) would have to take approval from the central bank when they would remit foreign exchange to purchase software but no prior approval would be required in case of maintenance fees.
A BB official told New Age on Monday that the central bank had taken the initiative as part of its liberalisation programme of the country’s foreign exchange regulation.
Due to the latest initiative, the AD branches would not be required to take prior approval from the BB to remit foreign exchange abroad against maintenance fees for their clients’ software.