Bangladesh parliament passes revised foreign exchange law

Dhaka, Sep 7 (IANS) The Bangladesh parliament has passed a foreign exchange regulation law which will allow seeking info on assets and income of foreigners living in the country, the media reported.

The bill was passed by voice vote after Finance Minister Abdul Muhith tabled it in the House on Sunday, bdnews24 reported.

He had placed the bill for passage in parliament in July.

The Foreign Exchange and Securities Regulation Act, aimed at monitoring foreign exchange and stock market transactions, was promulgated in 1947 and then amended in 1976 and 2003.

The new bill now gives Bangladesh Bank the power to seek detailed information about foreign currency holdings and investments in foreign securities from both Bangladesh nationals and foreigners residing in Bangladesh.

Foreigners can even be asked to provide details about their assets abroad.

Finance Minister Muhith said the amendment was aimed at making the law relevant to contemporary realities. He said an increase in foreign investments and expansion of international trade had necessitated the changes.

Without the amendments, Bangladesh would face trouble attracting foreign investments, he added.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here