For studies at international academic institutions, the Bangladesh Bank (BB) has authorized the payment of admission and exam-related costs in foreign currencies for those exams that are administered locally.
The central bank stated in a circular that banks may permit authorized examination centers or operators to collect fees and examination-related costs in local currency [Taka] for the Scholastic Assessment Test (SAT), the Test of English as a Foreign Language (TOEFL), and secondary and higher secondary equivalent studies for outgoing remittances.
Nonetheless, it instructed banks to make sure that testing facilities are properly approved by international authorities. The central bank stated that banks must exercise due diligence as well.
According to the Bangladesh Bank, comprehensive invoices, tax records, and declarations attesting to the veracity of the data and the exclusion of foreign applicants must be included with the remittance requests.
It further said that remitters will be held responsible and required to repatriate cash if misreported or miscalculated.
These transfers can be made using international remittance cards or through a specific bank branch with notification to the central bank.
Additionally, the central bank requested that banks keep thorough electronic records and provide the Bangladesh Bank with frequent updates.
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