Use of Bangladesh Bank Accounts; Exceptions Sample Clauses

Use of Bangladesh Bank Accounts; Exceptions. All of the Company’s transactions relating to the Project that require Foreign Currency, including debt servicing and repatriation of earnings, will be initiated through bank accounts in Bangladesh in accordance with the Foreign Exchange Regulations Act, 1947 (Act VII of 1947), as modified upto 9th September, 2015 (the “Foreign Exchange Regulations Act”); provided, that Foreign Currency provided by foreign Lenders, liquidated damages paid by foreign Contractors or vendors, proceeds of insurance and reinsurance by foreign insurers, and any other foreign sources that are used to pay foreign Contractors, vendors, insurers, reinsurers or Lenders may be paid directly to such persons through bank accounts of the Company located outside Bangladesh; provided further, that the Company shall make available to the GOB the statements and accounts reflecting all such transactions, transfers and payments.
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Use of Bangladesh Bank Accounts; Exceptions. All of the Company‟s transactions relating to the Project that require Foreign Currency, including debt servicing and repatriation of earnings, will be initiated through bank accounts in Bangladesh in accordance with the Foreign Exchange Regulations Act, 1947 (Act VII of 1947), as modified upto 9th September, 2015 (the “Foreign Exchange Regulations Act”); provided, that in existing foreign exchange transactions procedure foreign individual/ organization cannot manage accounts abroad. In this case, repayment of foreign currency provided by the foreign lenders are subject to the approval of the Bangladesh Investment Development Authority (in accordance with the authorization of Bangladesh Bank), and as per the repayment schedule, it is not prohibited in foreign remittances. Foreign Currency provided by foreign Lenders, liquidated damages paid by foreign Contractors or vendors, proceeds of insurance and reinsurance by foreign insurers, and any other foreign sources that are used to pay foreign Contractors, vendors, insurers, reinsurers or Lenders may be paid directly to such persons through bank accounts of the Company located outside Bangladesh; provided further, that the Company shall make available to the GOB the statements and accounts reflecting all such transactions, transfers and payments.
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