Tour operators can now sell overseas packages in taka

The central bank has allowed tour operators registered with the Tour Operators Association of Bangladesh (TOAB) to collect payments in Bangladeshi taka for overseas packages from local residents and remit equivalent foreign currency to service providers abroad.

In a circular issued today, Bangladesh Bank said TOAB member tour operators with agreements or business arrangements with overseas tour operators, hotels or destination management companies will get this facility.

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Authorised dealer (AD) banks -- those approved by Bangladesh Bank to deal in foreign exchange -- may remit foreign currency against actual travel-related services, including accommodation and transport.

Under the new system, up to $3,000 in foreign currency may be remitted per traveller per calendar year, outside the regular annual travel quota of $12,000. For this, tour operators must maintain complete transaction records against travellers' passport numbers.

They must also obtain declarations from travellers confirming that the annual limit has not been exceeded through any other tour operator.

However, provision has also been kept for remittances exceeding $3,000. In such cases, the package price must be collected in foreign currency through international cards. AD banks may provide acquiring services for such transactions.

The circular said that for every foreign currency remittance, the relevant invoice, agreement, detailed itinerary, list of travellers and proof of taka receipt -- along with other necessary documents -- must be verified.

AD banks must also submit related statements to Bangladesh Bank within seven days of the remittance.

Business insiders welcomed the move, saying the facility would make transactions easier and more transparent for customers. They added that the decision would also play a positive role in developing outbound tourism and formalising the tour operating business in the country.