Pay channels 'must take permission from central bank'
Friday, 15 February 2008
FE Report
The satellite channel distributors, particularly the pay channels, must take permission from the Bangladesh Bank (BB) to run their businesses in the country.
The central bank has introduced a new guideline making obtaining the permission mandatory to facilitate foreign currency transactions between the local operators and their principals, officials said.
Under the new guidelines, it is mandatory to have permission from the central bank under section of 18A of the existing foreign exchange regulations act before commencing operation or receiving any proposal to act as a satellite channel distributor of foreign principal.
"We have issued a guideline to help the satellite channel distributors remit funds to the overseas service providers properly," a BB senior official told the FE.
He also said the distributors are now sending their funds to their principals with special permission from the central bank on a case to case basis.
The central bank issued a circular in this connection Thursday and asked all commercial banks to follow the new guidelines for such transactions with their clients.
To obtain such permission, application to be submitted to the general manager of the foreign exchange investment department of the BB with necessary documents, according to the circular.
The distributors will have to submit no-objection certificate, issued by the ministry of information or concerned government authorities, for import of decoders of television signal.
Besides, license from BTV (STVTR and commercial) will be submitted along with other documents for obtaining permission from the central bank.
Currently, at least 46 pay channels are being operated by different distributors while 36 free channels are operated by Cable Operators' Association of Bangladesh (COAB).
The satellite channel distributors, particularly the pay channels, must take permission from the Bangladesh Bank (BB) to run their businesses in the country.
The central bank has introduced a new guideline making obtaining the permission mandatory to facilitate foreign currency transactions between the local operators and their principals, officials said.
Under the new guidelines, it is mandatory to have permission from the central bank under section of 18A of the existing foreign exchange regulations act before commencing operation or receiving any proposal to act as a satellite channel distributor of foreign principal.
"We have issued a guideline to help the satellite channel distributors remit funds to the overseas service providers properly," a BB senior official told the FE.
He also said the distributors are now sending their funds to their principals with special permission from the central bank on a case to case basis.
The central bank issued a circular in this connection Thursday and asked all commercial banks to follow the new guidelines for such transactions with their clients.
To obtain such permission, application to be submitted to the general manager of the foreign exchange investment department of the BB with necessary documents, according to the circular.
The distributors will have to submit no-objection certificate, issued by the ministry of information or concerned government authorities, for import of decoders of television signal.
Besides, license from BTV (STVTR and commercial) will be submitted along with other documents for obtaining permission from the central bank.
Currently, at least 46 pay channels are being operated by different distributors while 36 free channels are operated by Cable Operators' Association of Bangladesh (COAB).