Tunis:Bangladesh Bank has consolidated and updated the licensing rules for entities involved in foreign exchange and gold transactions, including authorised dealers, money changers, and gold dealers.
According to Bangladesh Sangbad Sangstha, the central bank issued a circular that brings together existing instructions on licensing and renewal for five categories of regulated entities. This circular, issued under Section 20(3) of the Foreign Exchange Regulation Act, 1947, will remain effective for one year and supersedes previous guidelines.
The consolidated framework outlines specific requirements for authorised dealer banks, money changers, and gold dealers. It sets transaction limits, operational requirements, and compliance obligations. For example, authorised dealer banks may release foreign currency notes and coins up to US$5,000 per person per trip, and full-fledged money changers may sell up to US$3,000 in cash notes per transaction.
The circular also specifies conditions for importing gold bars and ornaments. Gold dealer licences, valid for two years, require separate prior approval for each consignment. Additionally, firms seeking to import gold ore and dore for refining must meet several regulatory requirements, including obtaining approval from the Ministry of Commerce.
Bangladesh Bank retains supervisory authority over these entities, with the power to inspect premises and revoke licences for non-compliance. The updated rules aim to establish uniform regulatory procedures while maintaining category-specific requirements.