CaPtAiN_pLaNeT
SENIOR MEMBER
- Joined
- May 10, 2010
- Messages
- 7,685
- Reaction score
- 0
Central bank allows online payment of fees abroad
Forex rules for professionals, students relaxed
Central bank allows online payment of fees abroad
FE Report
The central bank has relaxed foreign exchange rules allowing online payment of fees abroad by using international credit cards (ICCs) on internet, officials said.
Under the relaxed rules, professionals and students who are interested to study abroad, will be able to remit their membership fees and admission-related payments using the ICCs.
"We've relaxed payment mode for professionals and students in making payments for fees for membership and admission-related purposes," a senior official of the Bangladesh Bank (BB) told the FE Thursday.
The central bank issued a circular in this connection Thursday, directing the chief executives of all commercial banks to follow the new rules about making such payments aboard.
Under the latest decision by the BB, ICCs may be used for online payment, through internet, of fees, in line with the existing guidelines about foreign exchange transactions (GFET), according to the circular.
The banks are allowed to remit funds for making
payment of fees of foreign professional and scientific institutions and fees for applications, registrations, admission, examinations like TOFEL and SAT in connection with admission to educational institutions at abroad, according to the GFET.
Currently, such funds are being transferred to the foreign institutions by way of telegraphic transfers, money transfers and drafts.
"Individuals, who are entitled to use such facilities, will be benefited by paying a minimum cost for fund transfers and to receive immediate confirmation from their recipient sides," the central bank official added.
He also said the individuals, not holding ICCs in their names, may also make such online payments through internet using 'Virtual Card' for the required amount of money by an ICC-issuing bank.
Virtual Card means a number with security code, generally known as pin code, issued by the card or information technology (IT) division of the bank concerned that is used to remit the fund, the BB official added.
"Online ICC transactions including virtual card transactions will have to be reported to the central bank, in line with the existing guidelines," he said, adding that the central bank will monitor such payments closely.
Forex rules for professionals, students relaxed
Central bank allows online payment of fees abroad
FE Report
The central bank has relaxed foreign exchange rules allowing online payment of fees abroad by using international credit cards (ICCs) on internet, officials said.
Under the relaxed rules, professionals and students who are interested to study abroad, will be able to remit their membership fees and admission-related payments using the ICCs.
"We've relaxed payment mode for professionals and students in making payments for fees for membership and admission-related purposes," a senior official of the Bangladesh Bank (BB) told the FE Thursday.
The central bank issued a circular in this connection Thursday, directing the chief executives of all commercial banks to follow the new rules about making such payments aboard.
Under the latest decision by the BB, ICCs may be used for online payment, through internet, of fees, in line with the existing guidelines about foreign exchange transactions (GFET), according to the circular.
The banks are allowed to remit funds for making
payment of fees of foreign professional and scientific institutions and fees for applications, registrations, admission, examinations like TOFEL and SAT in connection with admission to educational institutions at abroad, according to the GFET.
Currently, such funds are being transferred to the foreign institutions by way of telegraphic transfers, money transfers and drafts.
"Individuals, who are entitled to use such facilities, will be benefited by paying a minimum cost for fund transfers and to receive immediate confirmation from their recipient sides," the central bank official added.
He also said the individuals, not holding ICCs in their names, may also make such online payments through internet using 'Virtual Card' for the required amount of money by an ICC-issuing bank.
Virtual Card means a number with security code, generally known as pin code, issued by the card or information technology (IT) division of the bank concerned that is used to remit the fund, the BB official added.
"Online ICC transactions including virtual card transactions will have to be reported to the central bank, in line with the existing guidelines," he said, adding that the central bank will monitor such payments closely.
