Bangladesh Bank has simplified the process for freelancers and individual service exporters to remit their foreign earnings to the country.
Under the new guidelines issued in a circular on Wednesday, the central bank will now accept platform statements, emails, and other digital communications as valid proof of foreign income.
The foreign earnings up to $20,000 can now be brought into the country without any formal declaration.
According to the central bank, these instructions are aimed at supporting the country’s rapidly expanding digital services sector and facilitating smoother foreign exchange transactions.
The new directive allows freelancers to receive foreign income based on platform statements and electronic communications instead of traditional export documents, aligning the process with the nature of digital service exports.
The circular also stipulates that a maximum of $10,000 can be received per transaction via Online Payment Gateway Service Providers (OPGSP), provided these funds are repatriated within the specified timeframe.
Additionally, the central bank has introduced the provision for issuing dual-currency “Freelancer Cards.” The scope for receiving foreign funds through Mobile Financial Service Providers (MFSP) and Payment Service Providers (PSP) has also been expanded.
Under the new regulations, freelancers in the information technology sector can retain up to 50 per cent of their service export earnings in Exporters’ Retention Quota (ERQ) accounts. For exporters of other services, this limit is set at 30 per cent.
