Authorized Dealer
Posted by Ripon Abu Hasnat on Friday, June 13, 2014 | 0 comments
Authorized
Dealer is a person or company that is allowed by the country's central bank
to buy and sell foreign currency
In other words Authorized Dealer means a Bank, authorized by Central Bank to Deal in foreign Exchange under the FER Act 1947.
Functions
of Authorized Dealers:
Authorized
Dealer can handle all kinds of Foreign Exchange transaction as per FER Act 1947 under the instruction of Central Bank. Following
are the main function of an Authorized Dealer.
i. Exchange of
Foreign Currencies.
ii. To make arrangement with Foreign Correspondent.
iii.
Buying and selling foreign Currencies
iv.
Handling of Inward and Outward Remittance
v. Opening of L/C and Settlement of Payment
vi.
Investment in Foreign Trade
vii. Opening
& maintenance of
Accounts with Foreign
Banks under
intimation of Bangladesh Bank
viii. Export Documents handling.
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