Bangladesh Bank simplifies overseas payments for professional course fees
Staff Correspondent
Bangladesh Bank has streamlined the process for sending fees for internationally recognised professional courses abroad.
From now on, separate central bank approval will not be required for such payments. Commercial banks can directly complete these transactions.
The Foreign Exchange Policy Department of Bangladesh Bank issued a directive to this effect on Tuesday.
The central bank announced that the new directive will allow fees for various international professional courses, including CFA, CAMS, CIMA, ACCA, and CII, to be sent directly through commercial banks.
However, students will be required to submit the demand note or invoice related to the course fee, a self-declared declaration, and the institution's fee notice to their respective banks.
Bangladesh Bank officials stated that previously, such transactions required separate approval, which was time-consuming. This new rule will enable students to send overseas course fees quickly and easily.
Banking sector professionals believe this decision will simplify foreign exchange transactions. Students are also viewing this decision positively.
This new rule will apply to various internationally recognized professional courses, including Chartered Financial Analyst (CFA), Chartered Accountant (ACCA, CAMS), Certified Management Accountant (CIMA), and the Chartered Insurance Institute (CII).
