Regulatory Alerts2011-05-30
Added · Updated
FEPD Circular No. 06: Inward remittances for providing Business Process Outsourcing (BPO) services
Authorized Dealers (ADs) are permitted to credit inward remittance proceeds to individual service providers for Business Process Outsourcing (BPO) services delivered in non-physical form, such as via internet or V-Sat, without requiring an EXP procedure. ADs must verify that payments originate from non-resident customers for services delivered, ensure beneficiaries have the necessary capacity, and encash remittances upon receipt of a duly filled Form-C. Additionally, ADs are required to deduct applicable taxes, exercise due diligence regarding foreign exchange regulations and AML/CFT standards, and maintain transaction records for reporting in monthly schedules to Bangladesh Bank.