Regulatory Alerts2024-10-14
Added · Updated
Simplification of declaration process for small value export under Business-to-Consumer on e-Commerce website
For small value exports up to USD 500 or equivalent, concluded on an e-Commerce website with payment received prior to shipment, a declaration on an EXP Form to the customs authority is no longer required. Authorized Dealers (ADs) must obtain specific declarations from their customers, retain inward remittances in margin accounts until the Bill of Export is received, and report these transactions to the Bangladesh Bank reporting system. Furthermore, ADs are required to conduct customer due diligence, maintain electronic records, and inform the Foreign Exchange Policy Department and Foreign Exchange Operation Department of Bangladesh Bank about e-Commerce customers and express/courier service providers within seven days of allowing exporters to operate under this framework.