Bangladesh Bank eases e-commerce export rules

The Bangladesh Bank has eased foreign transactions for e-commerce companies, allowing up to $500 in equivalent product sales in a single transaction under the cash on delivery system.

Earlier, cross border export under e-commerce was allowed only against payment received over the internet before shipment.

The central bank took the decision in order to promote business-to-consumer exports by e-commerce websites accessible to foreign buyers, read a central bank circular issued on Monday.

Now, payment methods like international cards, online payment gateway service providers, digital wallets and other legitimate payment systems can be used in the cash on delivery system.

Authorised dealer banks can receive payments against exports through e-commerce websites on the basis of cash on delivery or payment on shipment.

In this case, the authorised dealer banks shall have counterparty arrangements with foreign payment service providers to realise the payments by debiting the taka accounts or foreign currency accounts they maintain in Bangladesh.

The e-commerce industry witnessed a massive boom in business due to the lockdown enforced during the pandemic.

Industry leaders and businesses said the shift of consumer attitude towards online shopping for daily necessities was the key achievement.

According to e-CAB data, amid the lockdown, the e-commerce industry sold products worth Tk3,000 crore.

Before the pandemic, the number of members of the e-Commerce Association of Bangladesh (e-CAB) was 1,000, but it reached 1,400 in six months. The membership grew by about 40%, showed a Covid-19 impact analysis by e-CAB.