Government Authorisation to Taka and Dollar Accounts Sample Clauses

Government Authorisation to Taka and Dollar Accounts. The GOB shall ensure that the Bangladesh Bank gives the Company and its Contractors consent for the opening and operation of Taka and Dollar bank accounts, including, bank accounts necessary to implement the Project (including any reserve or Escrow Accounts reasonably required by the foreign Lenders to be maintained under the Financing Documents) both inside Bangladesh (in the case of Taka and Dollar bank accounts), and, to the extent necessary, outside Bangladesh (in the case of Dollar bank accounts), and the accumulation of earnings and other receipts and the transfer of funds into and out of such accounts. The GOB shall ensure that the Bangladesh Bank gives the Company permission to open and maintain Dollar bank accounts necessary to implement the Project (including any reserve or Escrow Accounts required by the foreign Lenders to be maintained under the Financing Documents) outside Bangladesh, and transfer any funds from (to) its accounts in Bangladesh to (from) its accounts maintained outside Bangladesh to implement and carry out the Project in accordance with the Foreign Exchange Regulations Act, 1947 (Act VII of 1947), as modified upto 9th September, 2015 or other applicable Laws of Bangladesh as in effect from time to time, with such exemptions as may be necessary to give effect to the provisions of this Section 8; provided, that nothing in this Agreement shall prevent the Company from opening, operating and retaining moneys in additional Dollar bank accounts outside Bangladesh from time to time if and to the extent that it is or becomes permitted under the Laws of Bangladesh.
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