Mobile financial service (MFS) providers are now able to repatriate (convert to local currency) export income and inbound remittance, according to the Bangladesh Bank. To MFS providers against inward remittance on behalf of information technology-enabled services (ITES) exports, all authorized dealers must present an encashment certificate.
All licensed MFS providers and authorized foreign exchange dealers are permitted to receive export income on account of ITES exports in association with internationally recognized OPGSPs/digital wallets and/or aggregators having operations in multiple countries, according to a circular released by Bangladesh Bank to make it simpler to receive a foreign exchange.
According to the notification, on electronic request from MFS providers, authorized dealers who maintain settlement accounts would provide encashment certificates to assist inward remittances. In this situation, the request must be accompanied by automatically generated data from a remittance service provider abroad, such as the beneficiary’s name, wallet account number, the amount in taka, and the date of credit. Only usage of the certificate is intended for income tax purposes.
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