Central bank caps passport endorsement fee at Tk 300

Banks can now charge a maximum of Tk 300 as a passport endorsement fee, and no additional service fee or charge may be collected beyond this amount, according to a notice issued by Bangladesh Bank today.

The central bank stated that it had observed scheduled banks, through their authorised dealer branches, collecting passport endorsement fees and charges at varying rates, along with additional service fees or commissions during the sale of foreign currency.

This practice has discouraged customers from purchasing foreign currency from banks, as reported to Bangladesh Bank through various channels, the notice added.

As a result, the banking regulator has, for the first time, fixed the passport endorsement fee in an effort to encourage the purchase of foreign currency through legal channels.

The banking watchdog issued the notice under the authority granted by Section 45 of the Bank Company Act, 1991, and it will take effect immediately.