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Bangladesh Bank allows repatriation of outsourcing income by MFSPs
Dhaka, 26 Jan -Bangladesh Bank (BB) is going to allow the repatriation of the earnings of outsourcing companies and Information Technology Enabled Services (ITES) by Mobile Financial Service Providers (MFSPs).
BB's foreign exchange policy department, in a circular on Sunday, stated that export proceeds against small value service exports in a non-physical form such as data entry/data process, offshore IT service, and business process outsourcing could be repatriated through MFSPs and PSPs.
To widen the scope, the central bank decided to include Payment Service Providers (PSPs) licensed by the BB as facilitators for the repatriation of small-value export proceeds against legitimate IT-related service exports in association with foreign PSPs.
The BB instructed Authorized Dealers (ADs) to provide necessary support to licensed PSPs intending to provide repatriation services for service exports.