Opening NRB's taka account gets easier

The Bangladesh Bank (BB) has simplified documentary formalities for opening Non-resident Investor's Taka Accounts (NITAs), reports BSS.

The Foreign Exchange Investment Department (FEID) of the central bank issued a circular today and thus sent it to all authorised dealers (ADs) in Bangladesh for implementation of the directive.

The circular stated that commercial banks are using different sets of documents for opening NITAs, which may create ambiguity among the applicants.

In order to bring uniformity in opening NITAs in the name of NRBs, authorised dealers are advised to obtain specific documents and information from applicants, according to the circular.

The BB has specified documents for opening NITAs in order to simplify the documentation. As per the new directive, the documents require applicant's valid passport copy, applicant's photograph, applicant's proof of address, reliable source of income of the applicant, nominee or authorised person's passport or National Identity Card (NID) copy, nominee or authorised person's photograph.

For opening NITAs in the name of non-resident foreign nationals or institutions, authorised dealers are asked to fix and distribute a unified set of documents to their branches at home and abroad to comply with the existing rules and regulations.

Banks are also requested to advise all AD branches and Central Processing Centers (CPCs) for compliance of the instructions.

The ADs have to follow the tools of the Guidelines for Foreign Exchange Transactions 2018 and instructions issued earlier by the Bangladesh Financial Intelligence Unit (BFIU) to stop money laundering and terror financing, the circular added.