New Guidelines Issued for Remitting Foreign Examination Fees from Bangladesh

To streamline international examination fee payments while maintaining regulatory oversight and financial transparency, the Bangladesh Bank now allows authorized dealers (“ADs”) to release foreign exchange not only for international admission tests like the TOEFL and the SAT, but also for admission, registration, and examination fees for secondary and higher secondary equivalent education at recognized foreign academic bodies, provided the exams are conducted at authorized centers in Bangladesh. To ease the remittance process, ADs may permit these exam centers or operators to collect related fees in Bangladeshi Taka for eventual outward remittance. However, several conditions must be met:

• Exam centers must be duly authorized by the relevant foreign body.
• ADs must ensure full compliance through due diligence, including a know your customer review, valid agreements, and financial checks.
• Payment terms with foreign counterparts must not exceed a 90-day credit period, and all collections must go through bank accounts.
• Remittance requests must be backed by detailed documentation and a formal undertaking from the remitters confirming accuracy and compliance.
• The remitting branch must be designated, and all transactions must be reported to the Bangladesh Bank, with proper recordkeeping in place for future inspection.