Regulatory Alerts2017-05-02
Added · Updated
Repatriation of ICT related service income through international card
Authorized Dealers may now credit inward remittances received via international card numbers or accounts to individual developers and freelancers, who are issued dual-currency prepaid 'Freelancer Cards'. Up to the eligible Export Retention Quota portion may be credited in foreign currency at the beneficiary's option, with the remainder mandatorily converted to local currency, while the foreign currency balance can be used for permissible international current account transactions and online payments subject to tax obligations. Inward receipts exceeding USD 10,000 or equivalent require declaration on Form-C (ICT), and Authorized Dealers must report these transactions to Bangladesh Bank using appropriate ICT service codes.
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