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Banks can open temporary online accounts for FDI
Staff Correspondent
18th May, 2021 12:06:55
Bangladesh Bank (BB) has instructed banks to open temporary accounts through online arrangement for foreign direct investment (FDI) in Bangladesh.
As per the instructions released on Monday, the designated banks will observe simplified due diligence in opening these temporary accounts and regulate Anti-Money Laundering (AML) and Know Your Customer (KYC) along with other relevant procedures before transferring balance at these temporary accounts. The BB also directive stated that the scheduled banks are allowed to open accounts through online application received via website/web portal/app of banks or some government service providing entities under their one stop service facilities.
Stalled prospects
Although the companies mentioned above are already producing or soon to start production, many other local automotive ventures had their venture abruptly halted because of the ongoing pandemic.
Bangladesh Auto Industries Ltd. (BAIL), was planning to establish an electric vehicle factory on Bangabandhu Industrial Park. With an initial investment of $200 million that would total to $1 billion within the next five years, the company planned to manufacture from two-wheelers to sedans, SUVs, pick-ups, mini-trucks, and multipurpose vehicles. Unfortunately, the pandemic slowed down BAIL s plans considerably, with all plans being moved back a year. In an interview with The Daily Star Mir Masud Kabir, managing director of BAIL, said We missed the target as the suppliers could not ship the required equipment on time even though we opened letters of credit earlier on, said Mir Masud Kabir, managing director of BAIL. We were on track before the Covid-19 crisis hit but the
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