In a significant step to enhance the e-commerce landscape, Bangladesh Bank has introduced new regulations aimed at simplifying the export process for small traders. As of October 15, 2024, products valued at up to $500 exported through e-commerce will no longer require the mandatory EXP form.
This forward-thinking initiative, issued by the Foreign Exchange and Policy Department of the central bank, is designed to ease the documentation burden on exporters. Previously, the requirement for the EXP form was a hurdle for many small exporters, necessitating up to 14 different documents for a successful export process. By eliminating this requirement, the new rules facilitate smoother transactions and foster a more dynamic export environment.
The updated regulations specifically support business-to-consumer (B2C) exports via e-commerce, encouraging local traders to engage with global markets. Exporters are now encouraged to maintain fair pricing for their goods while ensuring delivery through approved express or courier services. Although the removal of the EXP form simplifies the process, compliance with customs formalities, including the issuance of a bill of export, remains essential. Moreover, all export-related expenses must be settled upon receipt of payment for the goods.
Once shipments are dispatched, exporters can enjoy a more efficient process, with export proceeds credited to their accounts after submitting key documents such as the bill of export and courier receipt.
This initiative builds on previous efforts to support e-commerce exports, further promoting trade and fostering economic growth. By streamlining processes, the central bank is paving the way for small traders to thrive in the international marketplace, enhancing the overall trade dynamics of the region.
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