The central bank of Bangladesh has doubled the limit of small service exporters for receiving remittances through online gateway operators.
These small-value exporters are now allowed to receive overseas payments of maximum US$10,000 instead of the earlier $5,000 through the Online Payment Gateway Service Providers such as Xoom, a Paypal service, Payza and Payoneer, report agencies.
The new ceiling was announced in a notice issued by the Bangladesh Bank (BB), the country’s central bank, on Thursday.
“We’ve enhanced such transaction limit to facilitate the freelancers,” a BB senior official said while explaining the main objective of the missive.
The authorised dealer (AD) banks had earlier been empowered to handle inflows against small value service exports in non-physical form up to $ 5,000 per transaction through the gateway operators.
“It has been decided to enhance the maximum limit per transaction to $10,000 from $5000,” it noted.
On August 07, 2011, the central bank opened online payment allowing the gateway operators to facilitate the transaction of such service exporters’ overseas payments at lower cost.