Banks will no longer need separate authorization from the central bank to settle payments for importing internet bandwidth and related services. Instead, they can now verify and make these payments directly, provided they adhere to specific guidelines.
The Foreign Exchange Policy Department of the Bangladesh Bank issued a circular on Wednesday, October 30, outlining the new requirements. According to the circular, banks must collect certain documentation before processing payments for bandwidth imports. These include copies of licenses from relevant authorities for the services, contract copies with concerned parties, regulatory approvals from the Bangladesh Telecommunication Regulatory Commission (BTRC) and other authorities where applicable, copies of related invoices, tax certificates or exemptions from relevant authorities, and a written commitment from the applicant company to promptly return any overpayments or erroneous remittances to Bangladesh.
Central bank officials explained that banks can now make payment decisions based on prescribed documents without needing additional authorization, allowing for more streamlined processing. Previously, banks were required to seek separate approval from the central bank for each bandwidth import transaction.
