The central bank made it easier to send money abroad in return for service from Bangladesh. From now on, remittance of Seva money abroad will not require regulatory agency approval. Banks can remit money abroad for their own regular foreign expenses. The capital market intermediary institutions will also get the same benefits.

Bangladesh Bank’s Foreign Exchange Policy Department has issued a circular in this regard on Sunday (12 January).

According to the circular, service sector charges include Reuters monitor, Bloomberg fees, Bankers Almanac, due diligence repository charges, credit rating service fees, value verification fees, etc. Banks are also permitted to reimburse foreign travelers for lounge facility related expenses. However, a cardholder cannot spend more than US $ 500 in a year.

The circular also states that capital market intermediary institutions such as brokerage firms, merchant banks, asset management companies etc., will not require permission for remittance of fees abroad for financial information and communication services.

Those concerned said that permission from the central bank was required to pay these expenses. As a result of this circular, the process of sending remittances abroad has become easy.