Bangladesh Bank (BB) has said that no one can keep foreign currency notes over $10,000 for more than one month.
The central bank issued a notification on Wednesday and sent it to all respected banks for displaying the notification to raise awareness.
According to it, a resident Bangladeshi can’t keep a cash of not more than $10,000, or foreign currency of equivalent, or in an authorized dealer bank as a resident foreign currency deposit.
The circular also states that it is mandatory for resident Bangladeshi citizens to sell the excess amount of $10,000 to an authorized dealer bank/licensed money changer or deposit it as resident foreign currency deposit within one month of arrival in the country from abroad.
The BB notification said that possession of foreign currency outside the limit will be an offense, punishable under the Foreign Exchange Regulation Act, 1947.
Resident Bangladeshis are requested to sell unauthorized foreign currency to authorized dealer banks/licensed money changers by September 30.
Source: United News of Bangladesh