Foreign currency deposited in foreign currency accounts of shipping lines and airlines against freight charges on FOB exports from licensed freight forwarders may be used for outward remittances on account of surplus earnings, a Bangladesh Bank circular said on Monday.
Shipping lines, air lines and licensed freight forwarders are allowed to open and maintain foreign currency accounts in as per the FE Circular of February 24 last year.In this context, collection in foreign currency should be presented in a separate column of relevant statements. As such Guidelines for Foreign Exchange Transactions’2009 (Vol-I) shall stand amended.
Balances held in foreign currency accounts shall first be used for outward remittances before use of local currency fund. However, Authorised Dealer Banks shall get themselves ensured of the encashment of
adequate foreign currency by the shipping lines and airlines to meet local expenses in case of shortfall in local currency funds and submit the encashment certificates with the statements.
Outward remittance supported by encashment certificates against FOB exports shall not be allowed with effect from April, 2015, the circular said.
