Bangladesh Bank building at Motijheel Mehedi Hasan/ Dhaka TribuneThe ADs, within 15 days of such approval for remittance, must report concerned branch of Bangladesh Bank along with supporting documents, for further scrutinyBangladesh Bank has tightened its supervision over the foreign courier service companies, instructing them to submit monthly statements to authorized dealers (ADs), according to a circular issued on Sunday. According to the circular, the ADs were also asked “to examine the documents meticulously while ascertaining surplus earnings along with payment of due value added taxes and income taxes as per the rules”. The ADs, within 15 days of such approval for remittance, must report concerned branch of Bangladesh Bank along with supporting documents, for further scrutiny. Additionally, the courier service companies, which operate on behalf of their foreign principal on free delivery basis and do not remit surplus earning to their head offices, were instructed to submit quarterly statement to central bank through their respective ADs along with supporting documents. Alongside, such entities were also asked to submit annual audited financial statement through their ADs.

Source: Dhaka Tribune January 06, 2019 18:56 UTC