The Bangladesh Bank (BB) has approved the payment of admission and examination-related fees in foreign currencies for studies in foreign academic institutions for those examinations which are held in local centres.
In a circular, the central bank said banks may allow authorised examination centres or operators to collect fees and examination-related expenses in local currency [Taka] for the Test of English as a Foreign Language (TOEFL), Scholastic Assessment Test (SAT), and secondary and higher secondary equivalent studies for outward remittances, reports BSS.
It, however, directed banks to ensure that examination centres are duly authorised by relevant authorities abroad. Banks must also conduct due diligence, said the central bank.
The Bangladesh Bank said the remittance requests must include detailed invoices, tax documentation, and declarations confirming the accuracy of information and the exclusion of foreign candidates.
In the event of misreporting or miscalculation, remitters will be held accountable and must repatriate funds if necessary, it added.
Such remittances must be processed through a designated bank branch with intimation to the central bank and may also be executed using international remittance cards.
The central bank also asked banks to maintain detailed electronic records and submit regular reports to the Bangladesh Bank.
