Regulatory Alerts2010-09-02
Added · Updated
FEPD Circular No. 15: Foreign exchange transactions for IT/Software firms
Authorized Dealers in Bangladesh are permitted to remit up to USD 10,000 per calendar year on behalf of IT/Software firms for expenses such as software registration and server maintenance without prior Bangladesh Bank approval, subject to specific compliance conditions including BASIS recommendation and tax deduction. Authorized Dealers may also issue International Cards for nominated officials with an initial limit of USD 1,000 and refills of USD 1,000, provided the aggregate annual remittances do not exceed the USD 10,000 cap. Additionally, Authorized Dealers are authorized to act as Acquiring Banks to process internet-based payments from foreign buyers to BASIS member IT/Software firms, provided they maintain merchant agreements and verify the beneficiaries' regulatory approvals and transaction relevance.
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