For decades, in a bid to stop foreign currency flow outside Bangladesh, there was a bureaucratic rule that to remit money to a foreign country, even for paying fees or supporting children studying in a foreign land, a permission from the central Bank was required. And you might imagine, that involves lot of bureaucratic procedures, speed money which was not worth for small transactions. It may be relevant here to mention here that only the extreme wealthy people can afford an international credit card. So paying online was not also possible.
I am totally agree with it. Bangladesh want to STOP outgoing flow of foreign currency from Bangladesh. The aim to stop outgoing flood of foreign currency is good. But they way they want to stop is not the way to 'Stop' it, it is just to make thing near impossible. Mean the bureaucratic way they make to earn some extra cash on their pocket. At this moment, Yeas I told 'This MOMENT' i need to pay USD$100 to stop Expiring my one of vital domain, which worth millions of USD to me.
What I can do now? At this moment it is almost midnight here. So no way to do any official work on Bangladesh Bank to get the permission. Though it is on a office hour, I have to go their office, fill a long unnecessary form with unnecessary information. After it they will verify and if SATISFIED (We all know how to satisfied a government official), then he may issue a permission to remitting this foreign currency. Then I have to go on any bank who has 'Bangladesh Bank's' pr-permission to remitted.
What we learn here, we learned that If you wanted to give a gift to your love one who is living aboard, you have to go through the bureaucratic process because you don't have any International Credit Card!
Though my other post, I wrote following information on my Bangladesh Bank Makes Change Foreign Currency Exchange and Transactions Policy of Bangladesh blog:
Bangladesh Bank has brought a number of policy changes on foreign exchange transactions to make the system easier.
It is actually give nothing to us, like the middle class population. All the changes reflects to the 'Big Fish' on their FCY Account.
I worked for different country, they send me payment a lot of time. I had to deposit it to my Bangladeshi Taka Account in Bank. It was total near 5 digit amount. What I have done? I earn it from Bangladesh, bring the foreign currency to Bangladesh. But now crying for making a payment of USD100. What a rules...
On my position, what general public will do? They will look for any one who living US or Canada , tell them to make the deposit and they will pay it back to their female living here in Bangladesh.
Isn't it promoting the money laundering (Hundy in local language) ? Bangladesh should implement any new guideline, where up to certain level of amount can be transfer to any other world.
We Bangladeshi leaving aboard always want to bring our earnings to Bangladesh in a official channel. But Bangladesh Bank actually promoting the 'money laundering option' by making the process bureaucratic and nearly impossible.
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