NN Online:
Bangladesh Bank (BB) has introduced special concessions for the export of e-commerce products, aimed at supporting small exporters. Under the new regulations, exports of products valued up to $500 through e-commerce no longer require the mandatory EXP form, a step designed to simplify the export process.
The Foreign Exchange and Policy Department of the central bank issued the circular on Monday, detailing the updated rules. Previously, the EXP form was compulsory for any private export from Bangladesh, with the Authorized Dealer (AD) banks responsible for declaring the export on behalf of the customer.
The change addresses long-standing complaints from exporters about the burdensome documentation requirements, with up to 14 different documents needed for the export process. This new directive applies specifically to business-to-consumer (B2C) exports via e-commerce.
According to the directive, exporters must ensure the fair pricing of goods and handle deliveries through approved express or courier service providers.
Compliance with customs-related formalities, including the issuance of a bill of export, remains necessary. Additionally, all export-related expenses must be settled upon the receipt of proceeds from the sale of goods.
After shipment, the export proceeds can be credited to the exporter’s bank account once export documents, such as the bill of export and courier receipt, are submitted.
This update builds on previous efforts by Bangladesh Bank to streamline e-commerce exports. In 2018, Bangladesh Bank introduced the B2C export system under e-commerce, requiring the repatriation of costs associated with overseas shipments. In 2019, electronic submission of the EXP form became mandatory for these exports.
