No declaration for service income remittance up to $20K

Bangladesh Bank issued a circular on Wednesday enhancing the declaration limit of inward remittances against service income.

To facilitate inward remittances, it has been decided that declaration on Form C shall not be required for inward remittance up to USD 20,000 or its equivalent, the circular said.

Earlier the limit was USD 10,000 or its equivalent.  But no declaration is required for inward remittances sent by Bangladeshi nationals working abroad, the circular added.

Bangladesh Bank allowed authorized dealer (AD) banks on February 01, 2023, to receive electronic declarations (known as Form-C) from customers, preferably designated ‘app’ under the internet banking network, for inward remittances against service income.

From now on, the declaration on Form-C will not be required for inward remittances up to USD 20,000 or its equivalent against service income.

According to business insider, waiver of declaration will promote inward remittances against service exports.