RRC moves on forex law

The Regulatory Reforms Commission (RRC) yesterday directed business organisations to gather feedback on a proposal to amend the Foreign Exchange Regulation Act to make the law user-friendly.
The feedback must be gathered in ten days, Apurba Kumar Biswas, chief executive officer (CEO) of RRC, said in a meeting with the representatives of Bangladesh Garment Buying Houses Association (BGBA) at his RRC office.
BGBA members complain that they are facing hurdles in foreign currency transactions because Bangladesh Bank imposed some difficult rules under the 1947 law.
Kazi Iftequer Hossain, vice-president of BGBA, represented the buyers while Khandaker Khaledur Rahman represented the central bank in the meeting. Biswas moderated the discussion.
"We will gather opinions from the business organisations and buying house owners so that we can make recommendations to the government to amend the law to make it user-friendly," Biswas told the second meeting with the members of the BGBA.
The first meeting was held in August, while the third meeting is scheduled for mid-January 2009 to make further recommendations about the law.
After the meeting, Iftequer Hossain of BGBA said the buying houses cannot sign any agreement because they are not acting here as the agents of foreign companies.
As a result, it is not possible for the buying houses to register with the BB because of some sections of the Bangladesh Foreign Exchange Regulation Act.