Regulatory Alerts2011-08-07
Added · Updated
FEPD Circular No. 15: Repatriation of export proceeds through online payment gateway service providers
Authorized Dealers are permitted to facilitate the repatriation of remittances for small-value non-physical service exports, such as data entry and offshore IT services, through internationally recognized Online Payment Gateway Service Providers. This facility is restricted to service exports with a value not exceeding USD 500. Authorized Dealers must maintain separate Nostro collection accounts for each provider, ensure automatic sweeping of funds from exporter notional accounts, and adhere to specific permitted debits and reporting obligations.
More like this from BB
BB published 33 documents in the last 30 days. We email you each new one the day it's published.
Topics
fx
payments
Share