The Bangladesh Bank has doubled the ceiling for exports that can be made without declaration on an EXP Form to $1,000 or equivalent, up from the previous limit of $500. The central bank announced the revision through a circular issued today (5 November), saying the move aims to facilitate small-scale and e-commerce exporters and promote digital export transactions. In a separate circular, the Bangladesh Bank also expanded the digital repatriation framework. Under the new rules, export proceeds from shipments not requiring an EXP declaration can now be repatriated through Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs) licensed by the central bank. This initiative is expected to simplify the process of receiving export payments, particularly for small and online exporters dealing in low-value consignments. Nominated banks have been instructed to facilitate these transactions in line with the terms outlined in the regulatory framework. Previously, MFSPs and PSPs were authorised only to repatriate income earned from IT and IT-enabled service exports. With the latest directive, their scope has been expanded to include small-value goods exports as well. Industry insiders have welcomed the central bank's decision, saying it will help modernise export procedures, empower digital entrepreneurs, and enhance the inflow of foreign currency through formal financial channels. (ICE NEW DELHI)

Fonte notizia: Business Standard