New guidelines will make foreign exchange clearance activities more flexible in the travel sector
The Bangladesh Bank (BB) has allowed travellers to get up to $60,000 endorsed for a passport with five-year validity to simplify overseas travel.
In this context, the banks need to observe specific conditions, which include that the yearly use will not exceed the limit of $12,000.
A Bangladesh Bank official said: “The foreign transaction system is being eased day by day as the new guidelines will make foreign exchange clearance activities more flexible in the travel sector.”
The central bank issued a circular in this regard on Thursday.
“We’ve relaxed our rules aiming to facilitate travellers to be flexible in the use of travel entitlement,” the source also added.
Meanwhile, there are no accurate statistics on the number of people travelling abroad every year on tourist visas from Bangladesh to any other country.
However, according to the Bureau of Immigration India’s 2017 and 2018 reports, more than 10 million Bangladeshis have travelled to India from Bangladesh alone during that period.
On the other hand, the number of Bangladeshis travelling to countries other than India is estimated at 6.5 lakh, according to the insider.
The concerned people within the sector think that the recent facility of issuing foreign currency through international cards during the validity of the passport will make it easier for the people travelling abroad.
According to the circular, a traveller can spend an additional amount using international cards on logical grounds, which will be adjusted from the balance of the traveller’s local foreign currency account.
And if the traveller does not have such an account, it will be adjusted from the next year's limit up to $500.
The circular said the authorised dealer (AD) bank will be able to release foreign currency under the passport but the bank has to abide by some conditions.
Moreover, endorsement cannot be made during the valid period of the passport if someone travels abroad for employment as an immigrant, or for education.
However, the person holding the supplementary card will get this facility under their travel quota.
The travel quota is applicable from January 1 to December 31.
However, if the specified travelling period falls into the next year, a quota has to be used till December 31 and another quota from January 1.