The increasing globalization has led to a massive growth in the number of foreign transactions in recent times. The foreign exchange market, globally, experiences transactions of trillions of dollars on daily basis. Foreign exchange transactions encompass many things, starting from billion-dollar payments made by business conglomerate, corporate giants and governments for goods and services purchased from overseas to the conversion of currencies by a traveler at an airport. Bangladesh inherited its Foreign Exchange Regulation Act 1947 (hereinafter referred to as

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