UNB, Dhaka :
The Cabinet on Monday approved the draft of the ‘Foreign Exchange Regulation (Amendment) Bill, 2015’, aiming to make the existing law more time-befitting one in the wake of increase in the volume of international trade and foreign direct investment (FDI).
The approval was given at the regular weekly meeting of the Cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.
Briefing reporters after the meeting, Cabinet Secretary M Musharraf Hossain Bhuiyan said the Bank and Financial Institution Division under the Ministry of Finance on January 12 this year placed
the draft law aimed at giving authority to the government to ask any local or foreign resident to come up with information about their foreign exchange or securities and immoveable or other properties abroad.
On that day, the Cabinet approved in principle the draft law with some observations. The Ministry of Finance yesterday placed the draft law before the Cabinet again incorporating the Cabinet observations.
“The Cabinet gave the final approval to the draft law yesterday and it’ll now go to parliament,” the Cabinet Secretary said. The law was initially enacted in 1947 and amended in 1976 and in 2003.
He said, the amendment to the law has made it clear for which the law would be applicable. “The law will be applicable to all citizens of the country and all foreign nationals living in Bangladesh.”
The Cabinet on Monday approved the draft of the ‘Foreign Exchange Regulation (Amendment) Bill, 2015’, aiming to make the existing law more time-befitting one in the wake of increase in the volume of international trade and foreign direct investment (FDI).
The approval was given at the regular weekly meeting of the Cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.
Briefing reporters after the meeting, Cabinet Secretary M Musharraf Hossain Bhuiyan said the Bank and Financial Institution Division under the Ministry of Finance on January 12 this year placed
the draft law aimed at giving authority to the government to ask any local or foreign resident to come up with information about their foreign exchange or securities and immoveable or other properties abroad.
On that day, the Cabinet approved in principle the draft law with some observations. The Ministry of Finance yesterday placed the draft law before the Cabinet again incorporating the Cabinet observations.
“The Cabinet gave the final approval to the draft law yesterday and it’ll now go to parliament,” the Cabinet Secretary said. The law was initially enacted in 1947 and amended in 1976 and in 2003.
He said, the amendment to the law has made it clear for which the law would be applicable. “The law will be applicable to all citizens of the country and all foreign nationals living in Bangladesh.”
