The Bangladesh Bank has eased rules for corporate entities and students to send money abroad for webinar services and online study fees, respectively.
In two circulars issued Sunday, the central bank clarified that businesses can now more easily pay for webinar solutions needed for official meetings, especially in the context of the ongoing Covid-19 pandemic. Authorized dealer (AD) banks are permitted to process remittances based on valid invoices, tax documents, and supporting paperwork. For online payments, ADs may also issue virtual or one-time cards in the name of an authorized official.
Previously, such payments were only allowed for individuals, with no specific framework for corporate entities, a central bank official told The Business Standard.
Additionally, the Bangladesh Bank has allowed ADs to send remittances for students paying fees to foreign educational institutions offering online courses. This applies for up to two semesters or sessions, and the rule is in place until March 31, 2021. Banks must ensure they receive all necessary supporting documents before processing these transactions.