BB increases remit limit for IT firms

Bangladesh Bank (BB) has increased the remit limit for Information Technology (IT) or Software firms to $40,000 from existing $30,000 in a calendar year, reports BSS.
"Authorised Dealers (ADs) are allowed to remit up to $30,000, with international card facility within the limit, on behalf of IT or Software firms, who are members of BASIS, for payments abroad to meet their bonafide business expenses in a calendar year. It has been decided to enhance the limit to $40,000 in a calendar year from $30, 000," said a BB circular issued on Monday.
Within the limit of $40,000, the circular said international cards may be issuable for $8,000 instead of $6,000 which may be refilled subject to availability of the limit and observance of specified formalities.
This is to clarify that the yearly entitlement will be usable by IT or software firms for meeting bonafide current needs but without limiting to digital marketing expenses.