New instructions on passport endorsement fees

Bangladesh Bank has set a service charge or fee for making foreign currency endorsements in the passports of foreign-going passengers. According to the instructions, from now on, licensed money changers can charge a maximum of Tk 300 for endorsement fees.

The Foreign Exchange Policy Department (FEPD) of the central bank issued a notification in this regard on Wednesday (January 7).

It states that licensed money changers can sell foreign currency, notes, coins and traveler's checks (TC) to Bangladeshi citizens traveling abroad against their annual travel quota. Each sale must be properly endorsed on the passport and air ticket of the passenger concerned and must have the seal and signature of the money changer's authorized person.

The central bank has issued several new guidelines to ensure transparency in this process and stop arbitrary charges from customers.

New instructions on passport endorsement fees Announcement to stop sale of LPG cylinders from today It states that a maximum of 300 taka can be charged as endorsement fee. No amount exceeding this limit can be charged, regardless of the amount of foreign currency. Every money changer must display a chart or list of this endorsement fee in a visible place in their business establishment. After collecting the fee from the customer, he must be given a written receipt. Every establishment must maintain accurate accounts and documents of this fee for the needs of audit and regulatory agencies.

Earlier, similar instructions were given to banks in May last year.