Ad on UAE Flat Sales
No resident Bangladeshis allowed to buy apartment aboard: BB
The Bangladesh Bank on Thursday said resident Bangladeshis have no scope to purchase flat or apartment in foreign countries by transferring fund from the country as per rules of Foreign Exchange Regulation Act 1947. Advertisements are being published in well-reputed newspapers, offering the resident Bangladeshis to purchase flat and apartment in the United Arab Emirates and other countries, said a BB news release.
The Foreign Exchange Regulation Act 1947 prohibits the resident Bangladeshis to transfer fund to purchase properties in foreign countries, the release said.
Fund transfer to foreign countries avoiding the rules and regulations is a punishable offence, it said.
The BB has suggested that the media take caution in publishing such type of advertisement.
BB spokesperson and executive director M Mahfuzur Rahman told New Age on Thursday that no resident Bangladeshi could transfer fund abroad for purchasing any property and business without prior permission of the central bank as per rules.
He made the comment when his attention was drawn to an advertisement published in different newspapers in the last few days.
Through the advertisement a company named DAMAC Properties offered the Bangladeshi residents to purchase apartments in Dubai of United Arab Emirates.
Mahfuzur said, ‘The country’s foreign exchange regulation act prohibits any transfer of fund to foreign countries to purchase or invest in any sector. But, a non-resident Bangladeshi can take such initiative.’
A transfer of fund by a resident Bangladeshi to foreign countries without government permission is a criminal offence as per rules of Money Laundering Prevention Act-2012, he said.
Asked whether the BB would take legal action against the DAMAC Properties, he said, ‘It will require further scrutiny before taking any legal action against the DAMAC Properties.’
-With New Age input
