IT firms can remit more for payment abroad
Banking
The Bangladesh Bank has increased the ceiling for outward remittances to $40,000 from the earlier $30,000 to help IT or software firms meet their bonafide needs in a calendar year.
Within the limit, a firm can refill its international card with $8,000 instead of $6,000 at a time.
The central bank on Monday through a notification asked all foreign exchange authorised dealer banks to abide by the latest instruction.
In the light of repeated pleas from the Bangladesh Association of Software and Information Services, the Bangladesh Bank has decided to enhance the limit. In recent times, software and IT related expenses have increased to adapt to state-of-the-art technology.
The Bangladesh bank has clarified that the yearly entitlement will be usable by IT or software firms for meeting bonafide current needs but without limiting to digital marketing expenses.
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