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In a major step towards making international education accessible to Bangladeshi students, বাংলাদেশ ব্যাংক (BB) has eased its foreign exchange rules by permitting foreign currency payments for admission and examination fees of foreign academic institutions. This is specifically applicable to examinations like the TOEFL, SAT and similar secondary and higher secondary tests held in Bangladesh.
As per a circular from the central bank, licensed banks are now able to facilitate local examination centres or operators to receive such fees in Bangladeshi taka which will then be remitted overseas. This is viewed as a development towards a move to harmonise local procedures with the international education system, minimising the burden on students and parents who were earlier subjected to regulatory challenges in making payments. But Bangladesh Bank has mandated banks to ensure that centres or operators of examination are officially recognized by concerned foreign authorities.
To process remittances, banks need to receive detailed invoices, supporting tax documents and declarations attesting to the fact that the applicants are Bangladeshi nationals and not foreign applicants. In cases of misdeclaration or miscalculation, remitters will be penalized and must refund the money if required.
Moreover, the BB requires that such transactions must be made via authorized bank branches and notified to the central bank. Banks may also use international remittance cards to make such remittances.
To provide transparency and accountability all banks are required to keep detailed electronic records of such payments and report regularly to the central bank.
This step is likely to simplify the process of applying abroad and bring relief to thousands of students seeking higher education overseas.
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