Regulatory Alerts2017-12-28
Added · Updated
FEPD Circular No. 44: Repatriation of export proceeds through Online Payment Gateway Service Providers
This circular consolidates and revises instructions for Authorized Dealers to facilitate the repatriation of small-value service export proceeds via Online Payment Gateway Service Providers. It permits transactions not exceeding USD 5,000 per transaction, requiring Authorized Dealers to maintain separate Nostro collection accounts and ensuring all receipts are automatically swept from exporter notional accounts. The document specifies permitted debits, mandates the conversion of remaining funds to local currency, and repeals FE Circular No. 15/2011 and its subsequent circulars.
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