Bangladesh Bank has issued new directives to simplify the process of remitting visa and consular fees collected domestically to foreign embassies. Under the new system, local visa processing agents can now send the collected fees to the respective embassies, their overseas offices, or designated banks through authorized dealer (AD) banks.
Circular Issued by Foreign Exchange Policy Department
The Foreign Exchange Policy Department of Bangladesh Bank issued a circular on this matter. The circular outlines several conditions that must be followed when remitting visa and consular fees abroad.
Conditions for Fee Remittance
The visa fees must be collected at the rate specified by the respective embassy. Additionally, it is mandatory to retain the invoice issued by the embassy or their authorized institution. Detailed information about the fees collected from each applicant must also be maintained. Furthermore, it is essential to ensure that all applicable taxes have been properly deducted before remitting the funds abroad.
Expected Benefits of the New Directives
The new directives are expected to make the process of paying and remitting visa fees simpler, faster, and more organized. Bangladesh Bank believes that these measures will also enhance transparency and accountability in such transactions.
