Form C is a document required for reporting of inward remittance to Bangladesh Bank within 5th day of the following month when the transaction occurred against the remittance. Form C is required for the purpose as mentioned below:
- When a bank receive remittance from abroad in a Local Currency Account(i.e. CD/SB/STD)
- As an when a customer withdrawal fund from his Foreign Currency (FC) Account
- The amount of foreign currency both in words and figure
- The name of the originating bank from where the bank received remittance
- Purpose of the remittance
Therefore, the Form C must be signed by the customer mentioning his address and countersigned by the bank for the reporting purpose.
5 comments:
Hey,
your blog looks like a digest for baking. I have a question though. Do you have any Idea about Minimum and Maximum $$$ a person can transact using Form C? Also doest it require to pay TAX? What about if I use Western Union instead, will that require to pay TAX?
Would be nice if you know.
Basically Form C is required for reporting purpose to the central bank. It is kind of declaration for remittance received from foreign country of amount equivalent to US $ 2,000.00 and above.
In the Form C customer must provide purpose of the remittance and a certain portion may be deducted at source as per guideline of the Regulatory Body.
A customer may get Tax benefit if the amount declared in the Tax Return with a remittance certificate and matched with the TAX regulations.
So far I know a customer can receive a certain amount of money through western Union mentioning the purpose of the remittance. But enjoying TAX benefit is a another issue which is related to the Tax Regulator and it has to be covered by the rules of the said authority.
Hope it will clarify your query.
Many many thanks for your comments and intimate others regarding the blog.
Thanks, It makes a lot of sense :)
Can someone send me for C on camaulikdoshi@gmail.com
Can I get a electronic copy of "Form C".
mdbarkat@gmail.com; barkat_ban@yahoo.com
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