Bangladesh Bank Foreign Transaction System Is Being Updated

E-Commerce Association of Bangladesh (e-CAB) member organizations can send 10,000 US Dollars a year abroad for the logical cost of the current account without approval.

On Sunday (May 2), the Foreign Exchange Policy Department of Bangladesh Bank issued a circular in this regard.

The central bank circular said, “From now on, international credit and prepaid cards of USD 2,000 can be issued in the name of the designated officer of the concerned institution within the annual quota limit. However, remittances through cards and under the conventional banking system cannot exceed 10,000 US dollars. Authorized dealer banks will comply with foreign exchange transaction regulations, tax / VAT deduction and deposit, e-Cab recommendations.

Appreciating the circular issued by Bangladesh Bank, the concerned people said that the small foreign expenditure of the e-commerce companies can be sent abroad without the approval of the central bank. As a result, there is no need to face any problem with remittance.

Regarding the announced policy, the concerned officer of Bangladesh Bank said that the foreign transaction system is being updated in a timely manner. The remittance facility will make e-commerce business easier.

Incidentally, the first meeting with Bangladesh Bank was held in February last year. Later, two more points of discussion and rationality of the proposal were highlighted. The last letter was sent from e-Cab on September 16 explaining the matter. The issue came to his notice on April 12 when the Deputy Governor of Bangladesh Bank attended the e-Cab’s Rural to Global Policy Conference.

Earlier, on March 15, Jahangir Alam Shovon, General Manager of e-Cab, visited the concerned department of Bangladesh Bank and inquired about the matter.

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