On 21 July 2020, BNG CB issued circular on remittances of dividend to non-resident shareholders, regarding submission of documents against such remittances.
- As part of ongoing liberalization to bring uniformity between regulations for enterprises of specialized zones (EZs/HTPs/EPZs) and those of non-specialized zones.
- Re remittances on account of dividend, decided authorized dealers (ADs) shall no longer be required to forward documents to BNG CB as per GFET, Ch 10, para 31(e).
- ADs shall comply with relevant instructions contained at para 31, chapter 10 of GFET.
- Shall maintain dividend files for eventual inspections by BNG CB/other agencies.
- Observe due diligence with regards to KYC, AML/CFT standards, reporting to BNG CB.