E-commerce

None can sell foreign digital services brought in for personal use: BB

Govt borrowing from BB may fuel inflation

The Bangladesh Bank today said nobody would be allowed to sell foreign digital services if they are brought in from abroad for personal use.

The digital items or services include e-book, music, research and data, software programme and so on.

The e-commerce platforms are selling several digital items to the local people against payments in local currency, according to a central bank notice.

But such types of sales breach the provisions of the Foreign Exchange Regulation Act, 1947 if the merchants do not purchase those from external sources without settling payment through banking channels, it said.

The merchants have to pay outward remittances to purchase the products as well in line with the foreign exchange regulations.

The digital items, purchased under individual or corporate entitlements of foreign exchange, cannot be placed at e-commerce marketplaces for sell.

The customers' due diligence needs to be monitored along with anti-money laundering provisions before uploading merchants to marketplaces or platforms.

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None can sell foreign digital services brought in for personal use: BB

Govt borrowing from BB may fuel inflation

The Bangladesh Bank today said nobody would be allowed to sell foreign digital services if they are brought in from abroad for personal use.

The digital items or services include e-book, music, research and data, software programme and so on.

The e-commerce platforms are selling several digital items to the local people against payments in local currency, according to a central bank notice.

But such types of sales breach the provisions of the Foreign Exchange Regulation Act, 1947 if the merchants do not purchase those from external sources without settling payment through banking channels, it said.

The merchants have to pay outward remittances to purchase the products as well in line with the foreign exchange regulations.

The digital items, purchased under individual or corporate entitlements of foreign exchange, cannot be placed at e-commerce marketplaces for sell.

The customers' due diligence needs to be monitored along with anti-money laundering provisions before uploading merchants to marketplaces or platforms.

Comments