Lesson-1 on Foreign Exchange

Question: What are the different types of Foreign Currency Account?

Answer:

1. Foreign Currency(FC) Account.

2. Non- Resident Foreign Currency Deposit Account(NFCD).

3. Resident Foreign Currency Deposit Account (RFCD)

4. Exporter’s Retention Quota Account(ERQ)

Question: What are the different types Non-Resident Taka Account?

Answer:

1. Convertible Taka Account

2. Non-Convertible Taka Account

3. Non Resident Investor’s Taka Account(NITA)

4. Non-Resident Taka Account

5. Foreign National’s Taka Account

Question: Who can open Foreign Currency Account ?

Answer:

Ø    Bangladeshi Nationals residing abroad(including dual nationality)

Ø    Foreign nationals residing abroad or in Bangladesh

Ø    Foreign firms registered abroad and operating in Bangladesh or abroad

Ø    Foreign missions and their expatriate employees.

Ø    Diplomatic Warehouse(Duty free shops) licensed by the Custom Authority(subject to some terms and conditions)

Ø    Local and Joint Venture contracting firms employed to execute projects by foreign/ International donor agencies as per terms of the approved contract.

Ø    Resident Bangladesh national who are working with foreign/international organizations operating in Bangladesh provided their salary is paid in foreign currency.

Question: What are required paper/documents required for opening Foreign Currency Account?

Answer:

Ø    Application as prescribed by Bangladesh Bank (Account Opening Form)

Ø    Photographs of the account holder.

Ø    Specimen signatures of the opener.

Ø    Work permit/appoint letter for Bangladeshi nationals.

Ø    Copy of Password. Bangladeshi Mission in abroad will duly verify above all papers or by any other reputable bank or by any other person who is known to Authorized Dealer (AD) in Bangladesh.

Ø    Bond license issued by Custom Authorities for Diplomatic Bonded Warehouse.

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