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Enacted by the British Government in 1947, The Foreign Exchange Regulation Act (FERA) regulates Bangladesh’s payments, dealings in foreign exchange and securities, and the import and export of currency and bullions. Market players of foreign exchange markets such as importers, exporters, indentors, investors, commercial banks are all facing various problems because of the antiquated regulations in foreign exchange market. The indentors are mandated to submit quarterly statements of their commission in fixed format.
To do business in Bangladesh, a foreign company needs to appoint an agent, who knows how business is done and can navigate a path around Bangladesh's bureaucracy. Bangladesh Bank should be responsible for managing and overseeing foreign exchange related activities, rather than performing as regulatory and controlling authority as it does now. Following the footsteps of Pakistan or Sri Lanka, Bangladesh Bank can delegate power to authorized dealers for overseeing foreign exchange transactions while Bangladesh Bank will be overseeing the activities of authorized dealers. Capital account convertibility should be allowed gradually as it will allow local investors to invest abroad and enter foreign markets, and outflow would encourage FDIs as investors will have the security of entry as well as exit of funds. The phase by phase liberalization of capital account convertibility that India adopted might be a feasible option for Bangladesh. To facilitate foreign investment and private sector growth in Bangladesh, the strict regulations imposed on agency business under clause 18A and 18B must be relaxed.
A provision regarding usage of derivative in foreign exchange market should be made that will serve as a guideline and following which importers, exporters, indentors etc. A provision regarding Management and monitoring of online foreign transaction system should be prepared to cope up with the rest of the world. Minor revisions have been made to FERA through amendments of foreign exchange regulation acts and ordinances in 1950, 1952, 1957, 1973,1976, and 2003. In the present context of free market economy around the world, FERA is becoming obsolete due to rapid change in global business environment and the trend of deregulations.

While payment for admission related activities into foreign educational institutions, or taking international tests such as GRE or TOEFL, registration fees, admission fees, etc. Because of lengthy registration process, administrative lethargy and reluctance of Bangladesh Bank to update the list in frequent intervals many foreign suppliers refrain from getting enlisted.
Therefore, they cannot lockdown a price and hedge the risks associated with price fluctuations in international markets. However, foreign buyers cannot make export payments even after receiving delivery of consignments without proper bank documents. Like India, the opening up of the capital account in Bangladesh can start with distinctions between residents and non-residents. Such regulations make money transfer via official channel time-consuming and hamper the agility of foreign exchange market in Bangladesh.
As per an article published in Financial Express, in the year 2012, the recruiting agents sent around USD 2 billion through hundi market to buy job permits for the aspiring migrants. They can be agent of foreign suppliers or buying agents of products like garments, leather etc.
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The ordinance of 1976 imposed restrictions on agents regarding foreign exchange transactions.
If Bangladeshi companies are allowed to set up industries abroad, then the dividends generated will be expatriated to Bangladesh.
Therefore, the indentors are forced to declare an assumed quarterly income before conclusion of the deal. The amendment of 2003 extended the terms of imprisonment from two years to four years in cases of violation of foreign exchange regulation.

Either ways, the initial outflow of foreign exchange will be more than compensated through higher export earnings or expatriation of dividend earnings. For example, when the Bangladesh Taka was declared convertible for the first time for current account transactions on March 24, 1994 and on May 31, 2003, when Bangladesh switched to managed floating exchange rate system, abandoning the adjustable pegged system. Although these businesses are heavily suffering, exporters are barred from filing lawsuit against the foreign buyer as only the Bangladesh Bank (BB) can file such cases, as per FERA. However, latest amendment of FERA in 2003 did not include current account convertibility or adoption of managed floating exchange rate regime related changes.Bangladesh Bank issues circulars in official gazettes to cope up with rapid change in global business environment and the trend of deregulations.
Important policy changes like giving permission to set up industries completely owned by the foreign investors, allowing exporters to retain 5 percent of their repatriated income in foreign currency accounts etc.
For example, exporters are allowed to retain only 5 percent of their export earnings in foreign currency accounts.
There are allegations that temporary permissions are granted in exchange of gratification and nepotism is being practiced. Therefore, despite having foreign exchange earnings, these interested companies need to go through cumbersome process of converting foreign exchange in local currencies, only to convert them back to foreign currency for investment purpose.
As a result, foreign investors choose competitor countries like India, Pakistan, Sri Lanka etc.

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19.09.2014 | Author: admin

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