Exporters allowed to remit $5000 aboard for emergency requirement

Staff Correspondent | Published: 23:26, Feb 15,2018

 
 

Bangladesh Bank on Thursday allowed exporters to remit fund worth $5,000 abroad for meeting emergency requirements.
Signed by BB deputy general manager Jagannath Chandra Ghosh, a central bank circular in this regard, however, said that the transfer of fund would only be allowed when an exporter would not have adequate fund in his/her ERQ (exporter’s retention quota) accounts abroad.
Along with that, exporters will have to submit sufficient documents including invoices specifying details of services, and deduction and payment of applicable taxes, it said.
Besides, the fund that would be remitted under the facility must have to be adjusted with subsequent export proceeds by deduction from ERQ or margin account, and encashment of the same amount in the taka account of the exporter.
As per the provisions of Bangladesh Bank, an exporter was allowed to keep 15 per cent of their export proceeds in the entity’s ERQ account abroad.
At present, exporters, who do not have balance in his ERQ account abroad, can avail $25,000 advance payment facility without any repayment guarantee under a circular issued on February 5, 2017.
The central bank sent the instruction to all authorised foreign exchange dealer banks in Bangladesh for immediate implementation.

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