Dhaka, Bangladesh (BBN)- The central bank of Bangladesh on Tuesday relaxed rules raising the maximum limit of service export in non-physical form to US$2,000 from the previous $500 per transaction using Online Payment Gateway Service Providers (OPGSPs), officials said.
“The central bank has relaxed the rules relating to the maximum limit of per transition through OPGSPs to facilitate small value service exporters, generally known as freelancers,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
The BB issued a circular in this connection on Tuesday, and asked all commercial banks to maintain the latest instructions relating to the amount of per transaction through OPGSPs.
The central bank has also decided that declaration on prescribed form, officially known as Form C, for inward remittance repatriated through OPGSPs, will no longer be required.
In 2011, the BB launched online payment system allowing OPGSPs to facilitate receiving small value service exporters’ overseas payments at lower cost.
Under the existing provision, the exporters are allowed to receive their overseas payments through the OPGSPs, such as AlertPay, Paypal, Moneybookers, Best Payment Gateway and Virtual Pay online platforms.
BBN/SSR/AD-07Aug12-11:30 pm (BST)
