Dhaka, Bangladesh (BBN)- The central bank of Bangladesh has asked the commercial banks to credit receipts of inward remittance against business process outsourcing (BPO) to individual accounts of those who provide such services.
"We've taken the latest move aiming to facilitate individual service providers, who have no formal business shape," a senior official of the Bangladesh Bank (BB) told the FE.
He also said the individuals have faced problems in receiving income on account of their services, in the nature of BPO, from aboard.
Until this decision by the central bank, those providing BPO services to business units or enterprises abroad, could not bring their earnings through the banking channel because of non-formal character of their trading. Most of their remittance earnings have been coming to the country through unofficial routes.
"The latest decision will also help boost the inflow of remittance in the near future," the BB official said.
Following this decision, the banks will now be free to credit the proceeds on account of such inward remittance, to the accounts of individual service-providers, subject to fulfillment of certain terms and conditions, he added.
BBN/SSR/AD-01June11-8:40 pm (BST)
