Dhaka, Bangladesh (BBN) – The central bank of Bangladesh on Thursday allowed online transactions for information technology (IT) firms aiming to expedite IT related businesses, officials said.
Under the new provisions, banks are allowed to remit up to US$10,000 on behalf of IT or software firms in a calendar year for the purposes of international alliances like software registration fee, domain registration and hosting fees and server maintenance fee without prior approval of the Bangladesh Bank (BB).
IT businessmen welcomed the BB’s latest move, saying that it would facilitate their businesses through allowing internet transactions.
“Bangladesh opens a new chapter of e-business allowing internet transactions,” a leading IT businessman said, adding that it would help to create new employment opportunity through boosting IT related businesses including software exporting across the world.
Within the limit of $10,000, foreign exchange authorized dealer banks, officially known as ADs, may issue international card (IC) favoring a nominated official of IT or software firm for US$1000 with the recommendation of the Bangladesh Association of Software and Information Services (BASIS), the central bank said in a circular, issued Thursday.
The IC may be refilled for another $1000 subject to production of documents evidencing the fact that the previous transactions were carried out for the purposes.
“The ADs shall ensure that the aggregate amount of refills of IC and outward payment through other means do not exceed $10,000 in a calendar year,” the circular added.
In the context of web based trade, the foreign buyer settles the payment through international credit cards (ICC) using internet/web.
To accommodate such internet/web generated payment to beneficiary account, it has been decided to allow ADs to work as ‘Acquiring Banks’ for realization of internet/web generated payment favoring BASIS member IT/software firms registered and operating in Bangladesh.
“…ADs shall have to comply with the applicable regulation of foreign exchange transactions, AML/CFT, payment and settlement systems and other relevant laws/regulations in force and report the transactions with monthly returns to Bangladesh Bank in the relevant schedules/statements,” it noted.
BBN/SI/AD-02Sept10-8:39 pm (BST)
