Central bank simplifies process of receiving remittances for service providers

Bangladesh Bank (BB) has simplified the process of receiving foreign currency earned by providing services to foreign institutions, according to a circular issued by the central bank.

From now on, there is no need to fill up paper forms to bring the income earned in exchange for services. It can be brought by only online declaration, said the circular issued on Wednesday. It also makes it easy to receive dollar income from freelancing and other services, reports UNB.

Bangladeshi expatriates do not need to fill up or declare any forms to send income or remittances, the circular by the Foreign Exchange Policy Department of the central bank said.

The instructions were sent to the Authorised Dealers (ADs) adding that transactions can be done by declaring online to bring remittances by using an 'app' in the Internet banking system.

Later, the printed form of the electronic declaration must be signed by the customers within 30 days. After filling up the form and submitting it directly, foreign currency had to be brought, it said.