Exporter's Retention Quota (ERQ) Account

 


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April 27, 2024 04:00:32 pm

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Exporter's Retention Quota (ERQ) Account

Features:

  • It is a demand deposit account which can be debited or credited frequently for bonafide persons.
  • Foreign exchange out of the retention quota may be maintained in FC accounts with the concerned ADs in US Dollar, Pound Sterling, Euro or Japanese Yen upon realization of the export proceeds.
  • Balances in these accounts may be used by the exporters for bonafide business purposes, such as business visits abroad, participation in export fairs and seminars, establishment and maintenance of offices abroad, import of raw materials, machineries and spares etc. without prior approval of Bangladesh Bank.

 Eligibility:

An exporter may open a foreign currency account with any Authorized Dealer branch of our bank in order to keep his foreign exchange retention quota in the Exporter's Retention Quota (ERQ) Account.

 Required documents:

  • Memorandum and Articles of Association of the exporter’s company
  • Board resolution of the company for opening and operation of the ERQ account.
  • Other related documents required for opening this type of account.

 Facilities:

  • On realization of export proceeds in foreign exchange, the concerned Authorized Dealer credits the exporter's quotaas allowed  fro m accounts time to time to the ERQ account holder's foreign currency account.
  • Applicable advance payment may be effective fro m this account for bonafide business purpose.
  • International Credit Card may be issued to the exporters against balances held in the ERQ account.
  • Interest may be paid to the ERQ account, if it is kept as interest bearing renewable term deposit with maximum balance of USD2000/- or its equivalent.

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