Procedure eased for cash incentive against ITES exports

The Bangladesh Bank has relaxed procedures for cash incentives against the export of Information Technology Enabled Services, including both software and hardware.

The move will allow banks to disburse cash incentives against exports of ITES services, software and hardware worth up to $5,000 without the need for any import information from TT messages, says a central bank notice on Sunday.

However, ITES exporters will have to fulfill five conditions to avail the cash incentive. An exporter’s international marketplace must be recognised by the ICT Division, and the exporters will have to submit all necessary documents to the authorities.

Exporters will also have to provide web links of their agreement with a particular foreign marketplace to the banks, which will facilitate bank verification. Applications for cash incentives will be supported by print-outs of auto-generated invoices and payment confirmations.

The new rules will help freelancers to get cash incentives easily, insiders told The Business Post.