ADs can allow remittance facilitates to exporters to meet urgent needs

Economic Reporter :
From now on, the Authorized Dealers (ADs) will be able to allow remittance facilities to exporters for ‘bonafide service payments’ to beneficiary’s bank account abroad to facilitate export trade in meeting urgent needs.
“To facilitate export trade in meeting urgent needs, it has been decided that ADs may allow remittance facilities to exporters for bonafide service payments to beneficiary’s bank account abroad up to USD 5,000 or equivalent,” said a circular issued by Bangladesh Bank (BB) here on Thursday.
The BB circular said the facilities will be provided observing the following instructions — the facility will be useable provided that adequate fund is not available in Exporter’s Retention Quota (ERQ) account and requests from the exporter are supported by invoices specifying details of services and deduction and payment of applicable taxes thereon.
The foreign exchange remitted under this facility shall be adjusted with the subsequent export proceeds by deduction from retainable amount in ERQ or margin account and encashment the same in Taka account of the exporter, the circular added.