Bangladesh Bank has simplified the process for freelancers and individual service exporters to receive their export earnings from abroad. Platform statements, emails and other digital communications will now be accepted as proof of foreign income, while inward remittances of up to $20,000 can be received without any formal declaration.
The central bank issued a circular on Wednesday, saying the measures are aimed at supporting the country’s rapidly expanding digital services sector and facilitating foreign exchange transactions.
Under the new guidelines, freelancers will be able to receive export proceeds based on electronic evidence, including platform statements, emails and other digital communications, instead of relying solely on conventional export documents. The move is intended to align foreign exchange procedures with the nature of digital trade.
The circular also allows payments of up to $10,000 per transaction through Online Payment Gateway Service Providers (OPGSPs). However, such export proceeds must be repatriated to Bangladesh within the prescribed timeframe.
In addition, Bangladesh Bank has allowed the issuance of dual-currency Freelancer Cards and expanded the use of Mobile Financial Service Providers (MFSPs) and Payment Service Providers (PSPs) for receiving foreign payments, making digital payment channels more accessible.
Under the guidelines, freelancers in the information technology sector will be allowed to retain up to 50 per cent of their export earnings in foreign currency under the Exporters’ Retention Quota (ERQ) scheme. For exporters of other services, the retention limit has been set at 30 per cent.
