Bangladesh Bank has brought the rules for authorised dealer banks, money changers and gold dealers into a single circular, replacing earlier instructions and setting fresh limits on licences, transactions and reporting.

The circular, FEPD-2 Circular No. 07 dated 17 October, was issued under section 20(3) of the Foreign Exchange Regulation Act, 1947, and is valid for one year. It consolidates the rules on issuing and renewing licences to deal in foreign exchange and gold, which the central bank said needed streamlining.

Full money changers may sell up to US$3,000 in notes and coins in any single transaction to an outbound Bangladeshi, against the annual private travel entitlement. They may charge up to Tk 300 to endorse a sale in a passenger's passport, must display the fee, issue a receipt for every payment and report each transaction to the Online Money Changer Monitoring System. Monthly transaction statements are due within the first 10 days of the following month.

A full money changer's daily closing cash position is capped at the equivalent of US$25,000, with a US$50,000 equivalent balance held at its authorised dealer bank and no more than Tk 50 lakh in cash. Licences run for one year and must be renewed at least two months before they expire. Applicants need annual foreign exchange turnover of at least US$500,000 in the Dhaka and Chattogram city corporation areas and US$350,000 elsewhere; sole proprietorships and partnerships need net assets of Tk 10 lakh, while joint-stock companies need paid-up capital of at least Tk 1 crore.

Foreign tourists may convert unused taka worth up to US$500 through a licensed money changer on showing a system-generated encashment certificate. Hotels, gift shops and other non-bank businesses may accept foreign currency cash only from holders of foreign passports for goods and services, may not sell foreign currency to the public, must convert it through an authorised dealer bank by the next working day and may keep up to US$1,000 equivalent for their operations. Their licences last two years.

Authorised gold dealers may import gold bars and ornaments, but a licence alone does not permit imports: each consignment needs separate prior approval from Bangladesh Bank that states the demand and the foreign exchange involved. Gold dealer licences run for two years, with renewal costing Tk 2 lakh and applications due at least three months before expiry. Firms wanting to import gold ore or dore for refining need commerce ministry approval, secure storage, financial capacity and adequate IT systems; they apply through an authorised dealer bank and pay Tk 30 lakh for an initial permit, renewable for Tk 5 lakh, valid for five years.

Authorised dealer banks may supply up to US$5,000 per person per trip in foreign notes and coins against travel entitlements, with any excess provided in convertible currency or through international debit, credit and prepaid cards. Bangladesh Bank keeps the power to inspect businesses and to cancel licences or permits for breaches.