Banks asked to submit reports within 15 days of next month

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FE Report
The central bank has asked the commercial banks to submit reports on profit repatriation by the foreign airlines, shipping lines and courier services within 15th of next month.
"We have taken the decision aiming to strengthen our monitoring on such foreign exchange transactions," a senior official of the Bangladesh Bank (BB) told the FE.
He also said the BB's latest move will facilitate the post facto examination of relevant documents timely and that would also help the service providing agencies to keep their documents updated.
The central bank has already amended its guidelines for foreign exchange transactions (GFET) asking the authorised dealers banks, generally known as AD banks to follow the amendments while remitting such funds.
"Thereafter, within fifteen days of the following month of effecting remittance, the ADs shall submit to the Bangladesh Bank one set of all relevant papers including copies of each form or document and approved TM Form for post facto examination," the BB said in a circular, issued on Tuesday.
The travel and miscellaneous form, generally known as TM Form, are used for outward remittances other than for import payments.
"The AD shall approve the TM Form for the amount of surplus earnings found in order and after effecting remittance, forward one full set of the papers along with approved TM Form to the concerned area office of the central bank within fifteen days of the following month of effecting remittance," the BB said.