Freelancers can bring in income thru int’l card

Staff Correspondent | Published: 22:04, May 02,2017

 
 

Bangladesh Bank on Tuesday said ICT sector freelancers would be allowed to repatriate their foreign incomes (inward remittance) through their international credit cards.
The BB issued a circular to the authorised dealer branches of all banks saying that they would be allowed to issue international card or ‘freelancer card’ having duel currency units with features of being prepaid in favour of individual developers and freelancers for repatriating money from abroad.
A freelancer will be allowed to keep 70 per cent of his or her inward remittance in the form of foreign currency with the export retention quota and the rest 30 per cent will be kept in the form of local currency, the circular said.
The balance held in the foreign currency unit of the card as ERQ is usable for payment, through usual banking channel, on international current account transactions for bona fide business expenses including legitimate expenses for personal purposes.
Inward remittance receipt exceeding $10,000 or equivalent is subject to declaration on Form C (ICT), the BB said.
The ADs will have to report the transactions to the BB in relevant statements and online reporting system mentioning appropriate code relevant to ICT and computer services. 

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