DTH service providers need permission for outward remittance
A directive in this regard on Tuesday mentioned that banks would have to take nine types of documents from customers
Direct to Home (DTH) services providers in Bangladesh will need the approval of the Ministry of Information to send fees to foreign channels (pay-channels) as well as the source of the remittances.
A directive in this regard issued by the Foreign Exchange Policy Department of the central bank on Tuesday also mentioned that banks would have to take nine types of documents for these types of transactions.
The documents include permits from the Ministry of Information and the Bangladesh Telecommunication Regulatory Commission for providing DTH services along with the consent letter of the Ministry of Information regarding the amount of money to be sent to the foreign company.
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Other documents are sources of remittances, customer information, contracts with foreign companies, documents related to advance tax if applicable and the reasons if not applicable and VAT-related documents.
In addition, the DTH service providers have to submit information on the last year's financial report and business projection report of the last five years.
The Bangladeshi embassy in the country where the money will be sent should be informed about the transaction.
The central bank has instructed banks to refund or coordinate additional remittances, while applicable.
