Finance Minister Abul Maal Abdul Muhith today introduced the 'Foreign Exchange Regulation (Amendment) Bill, 2015 in the Jatiya Sangsad for updating the existing law on regulating the purchase and selling of foreign currencies and securities, reports BSS.
Placing the bill, he said the 'Foreign Exchange Regulation Act, 1947' was formulated for purchasing, selling and payment of foreign currencies and securities, and controlling of import and export of currencies and bullion, which is still in force.
Later, some provisions of the law were amended in 1976 and 2003, the minister said.
The finance minister said in the wake of a huge expansion of foreign investment and international trade side by side with increasing the categories, volume and settlements of foreign transactions it has become necessary to amend the existing law. Otherwise, the minister said, Bangladesh will face difficulties in foreign investment and international trade and taking time-befitting measures in the said areas.
The House sent the bill to the concerned parliamentary standing committee for scrutiny and report back within one and a half month.