Commercial trader only allowed to sell foreign digital items online
The Bangladesh Bank on Thursday said nobody would be allowed to sell foreign digital items on e-commerce platforms if they do not purchase those from abroad for commercial trading purposes.
The digital items or services include games, e-book, music, research and data, software programmes and paid applications.
According to the central bank, digital items are on display at e-commerce marketplaces or platforms for sales to the local people against payments in local currency.
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But such sales contradict the Foreign Exchange Regulation Act that stipulates paying outward remittance through formal transaction channels.
The central bank reminded that the merchants will have to pay outward remittances to purchase the products as well in line with the foreign exchange regulations.
The procurements are subject to payment of applicable duties, taxes, and other levies.
The digital items, purchased under individual or corporate entitlements of foreign exchange, cannot be placed at e-commerce marketplaces for sales.
Customers' due diligence needs to be monitored along with anti-money laundering provisions before uploading merchants to marketplaces or platforms.
