e-News® | The NEWS Company…DHAKA, 30 Sept, 2015 : Bangladesh Bank (BB) has eased the rules and regulations, allowing students open block account abroad and remit necessary money in foreign currency for paying fees for visa and admission processing.
“To facilitate study abroad by Bangladeshi students in permissible courses, it has been decided to allow students to open such blocked accounts abroad to which necessary funds as set by foreign institutes/competent authority in foreign currency may be released”, BB said in a directive issued Monday.
The central bank in the circular said that as a requirement of visa/admission processing in some cases, students intending to study abroad are required to deposit foreign currency to be blocked in designated bank accounts or student accounts abroad opened in accordance with the guidance of foreign educational institutes/embassies/high commissions. BB, however, asked the authorized dealers (ADs) of foreign currencies that while releasing foreign currency they should ensured with documentary evidence that the deposits would be refundable in case of non-availability of visa.
In case of non-availability of visa, ADs shall ask students/guardians to arrange repatriation of remittance for which ADs shall obtain due undertaking from them, BB said. The ADs also advised that they should follow up students to the effect that they would proceed abroad within one year of remittance and the deposits remitted as blocked fund for future use shall be adjusted as relevant expenses including foreign bank charges for the study with proper documentation therein.