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24/07/2024
Laws of Bangladesh

The Foreign Exchange Regulation Act, 1947

( ACT NO. VII OF 1947 )

Blocked accounts
6. (1) Where an exemption from the provisions of section 5 is granted by the Bangladesh Bank in respect of payment of any sum to any person resident outside Bangladesh and the exemption is made subject to the condition that the payment is made to a blocked account-
 
 
 
 
(a) the payment shall be made to a blocked account in the name of that person in such manner as the Bangladesh Bank may by general or special order direct; and
 
 
 
 
(b) the crediting of that sum to that account shall, to the extent of the sum credited, be a good discharge to the person making the payment.
 
 
 
 
(2) No sum standing at the credit of a blocked account shall be drawn on except in accordance with any general or special permission which may be granted conditionally or otherwise by the Bangladesh Bank.
 
 
 
 
(3) In this section “blocked account” means an account opened as a blocked account at any office or branch in Bangladesh of a bank authorised in this behalf by the Bangladesh Bank, or an account blocked, whether before or after the commencement of this Act, by order of the Bangladesh Bank.

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Ministry of Law, Justice and Parliamentary Affairs