Bangladesh Bank Eases Outbound Payments for Hi-Tech Park Businesses
Bangladesh Bank has issued a new directive simplifying the process for industrial enterprises operating within hi-tech parks to remit funds abroad. Under the updated regulations, certain payments can now be made without prior approval from the central bank or the authority.
In a significant move to facilitate international transactions, Bangladesh Bank has issued a new directive that streamlines the process for industrial enterprises operating within hi-tech parks to remit funds abroad. The announcement, released on Thursday, introduces fresh provisions designed to ease financial procedures for businesses registered within these specialized zones.
According to the newly implemented guidelines, companies operating within the hi-tech parks are no longer required to obtain prior approval from either Bangladesh Bank or the Bangladesh Hi-Tech Park Authority (BHTPA) when sending payments abroad for royalties, technical knowledge, and technical assistance fees, provided these transactions remain within specified limits.
To handle these transactions under the new framework, authorized dealer (AD) banks have been empowered to arrange foreign remittances on behalf of the concerned industrial enterprises. This allows eligible businesses to process their qualifying outbound payments directly through their designated banks without navigating the previous administrative hurdles.
However, the central bank's directive maintains regulatory oversight for larger financial transactions. Specifically, if an industrial enterprise needs to send royalty, technical knowledge, or technical assistance fees abroad that exceed the established threshold, the enterprise must still secure prior approval from the Bangladesh Hi-Tech Park Authority before the remittance can be executed.
This policy update by Bangladesh Bank and the Bangladesh Hi-Tech Park Authority aims to create a more efficient operational environment for industrial enterprises within the hi-tech parks. By clarifying the conditions under which authorized dealer banks can independently handle foreign remittances, the new directive provides clearer operational pathways for businesses engaging in international technical and financial agreements.
