Authorized Dealer is a person or company that is allowed by the country's central bank to buy and sell foreign currency
In other words Authorized Dealer means a Bank, authorized by Central Bank to Deal in foreign Exchange under the FER Act 1947.
Functions of Authorized Dealers:
Authorized Dealer can handle all kinds of Foreign Exchange transaction as per FER Act 1947 under the instruction of Central Bank. Following are the main function of an Authorized Dealer.
i. Exchange of Foreign Currencies.
ii. To make arrangement with Foreign Correspondent.
iii. Buying and selling foreign Currencies
iv. Handling of Inward and Outward Remittance
v. Opening of L/C and Settlement of Payment
vi. Investment in Foreign Trade
vii. Opening & maintenance of Accounts with Foreign Banks under intimation of Bangladesh Bank
viii. Export Documents handling.
