The Bangladesh Bank on Monday provided special concessions to exports of e-commerce products with the aim of supporting small exporters.
The central bank issued a circular in this regard on the day.
According to the circular, exports of products valued up to $500 through e-commerce no longer require submitting the mandatory EXP form to custom authorities.
It will be applied only to business-to-consumer exports via e-commerce.
Previously, the EXP form was compulsory for any private export from Bangladesh, with the authorised dealer banks responsible for declaring the export on behalf of the customer.
The central bank made the change to address long-standing complaints from exporters about the burdensome documentation requirements, with up to 14 different documents needed for the export process.
According to the directive, exporters must ensure they will export goods at fair value, handle deliveries through approved express or courier service providers.
Additionally, all export-related expenses must be settled upon the receipt of proceeds from the sales of goods.
After shipment, the export proceeds can be credited to the exporter鈥檚 bank account once export documents, such as the bill of export and courier receipt, are submitted.
ADs must report the transactions to the Bangladesh Bank reporting system under e-Commerce with reference to bill of export extracting from customs electronic system.
In 2018, the 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.