BB to extend deadline for repatriating export earnings from foreign e-commerce sales
"The central bank has decided to extend the deadline to 180 days to bring the earnings home. A circular in this regard will be issued soon," a senior central bank official says
Highlights
- BB to extend time limit for bringing e-commerce exports to 180 days
- Exporters cited delivery delays abroad
- Circular to be issued soon
- E-commerce exports exceed $500 million
The Bangladesh Bank has decided to extend the timeframe for bringing home export earnings from products sold through foreign e-commerce platforms.
A senior central bank official, speaking on condition of anonymity, told The Business Standard that the deadline will be extended to 180 days from the existing 120 days.
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"A circular in this regard will be issued soon," the official said.
According to central bank sources, currently, exporters are required to repatriate their earnings within 120 days of sale. The upcoming circular will add 60 more days to that window.
Under existing rules, Bangladeshi e-commerce firms can export products worth up to $500 without filing an EXP form – the official export declaration – but must bring in the proceeds within the stipulated time.
E-commerce entrepreneurs have recently informed the central bank that the 120-day limit is often difficult to meet.
They explained that products shipped to foreign e-commerce platforms are not treated as formal exports upon dispatch. The platforms typically store the items in warehouses before delivering them to buyers, delaying payment.
According to the e-Commerce Association of Bangladesh (e-CAB), Bangladeshi e-commerce exports currently total around $500 million and continue to grow steadily.
