Share transfer for foreign companies eased

During the Covid-19 period, many foreign companies had reportedly complained that the share transfer process was very time consuming, said a Bangladesh Bank official

Now a non-resident private or public limited company which is not listed with stock markets can repatriate sales proceeds of shares of up to Tk1 crore without the Bangladesh Bank’s approval.

For this, the companies concerned will not need any valuation report from independent valuers, the central bank said in a circular on Thursday.

The BB said authorised dealer banks may effect any remittance of Tk1 -10 crore in foreign currency on account of sales proceeds.

For providing the facilities, banks that are dealing with foreign customers have to submit a post facto approval from the central bank within 30 days after the remittance of the amount.

An official of the Bangladesh Bank told The Business Standard that during the Covid-19 period many foreign companies had reportedly complained that the share transfer process is very time consuming.

“So the central bank has decided to relax the policy.”

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