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Form - C

1) Bangladesh Bank has issued new guidance requiring authorized dealers to obtain a separate Form-C declaration for inward remittances over $10,000 related to ICT services. 2) This will help accurately record income from this fast-growing sector and project its future trends. 3) For smaller remittances under $10,000, dealers must still satisfy themselves of the transaction purpose but now also properly code the purpose when reporting to Bangladesh Bank.

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687 views2 pages

Form - C

1) Bangladesh Bank has issued new guidance requiring authorized dealers to obtain a separate Form-C declaration for inward remittances over $10,000 related to ICT services. 2) This will help accurately record income from this fast-growing sector and project its future trends. 3) For smaller remittances under $10,000, dealers must still satisfy themselves of the transaction purpose but now also properly code the purpose when reporting to Bangladesh Bank.

Uploaded by

pronab sarker
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Foreign Exchange Policy Department

Bangladesh Bank
Head Office
Dhaka
www.bb.org.bd
FE Circular No. 12 Date: April 02, 2017

All Authorized Dealers in


foreign exchange in Bangladesh

Dear Sirs,
Declaration on Form-C for inward remittance
on account of ICT related services

Please refer to paragraph 23(b), chapter 8 of the Guidelines for Foreign Exchange
Transactions, read with FE Circular No. 6, dated May 30, 2011 in terms of which declaration
on Form-C is required for inward remittances on account of ICT related services. However,
declaration is not required for inward remittance upto USD 10,000 or equivalent as per FE
Circular No. 13, dated September 21, 2015. In the context of inward remittance upto USD
10,000, Authorized Dealers (ADs) shall satisfy themselves bonafide of the transactions with the
notation of the relevant SWIFT message. In case of non-availability of the purpose of inward
remittance, ADs shall contact the beneficiaries through e-mail about the purpose of
transactions.(cf. Circular Letter No. 25, dated November 01, 2015).

ICT related service is a fast growing sector of the country. Accuracy in recording
income of this sector from external sources is required to project its future trends. Hence, a
separate declaration Form-C (as per enclosure) against inward remittance on account of ICT
related services has been prepared for easy codification of the purpose and usual report to
Bangladesh Bank in relevant statement/schedule and online reporting module. ADs are
advised to guide their customers so that they can properly specify the purpose. For inward
remittance in small value upto USD 10,000 or equivalent, ADs shall follow the instructions of
Circular Letter No. 25, dated November 01, 2015 and/or in consultation with customer KYC
so that such inward remittances are properly codified and reported to Bangladesh Bank.

ADs are advised to extend all-out cooperations to exporters so that inward remittance
can be encashed/credited to the relevant accounts within reasonable time.

Please bring the above instructions, effective immediately, to the notice of all your
concerned constituents.
Yours faithfully,
Enclosure: Form - C (ICT)

(Md. Abdul Mannan)


Deputy General Manager
Phone: 9530319
Enclosure
Form–C (ICT)
Declaration for inward remittance on account of ICT
related services of amount exceeding USD 10,000 or equivalent

I/We do hereby declare that I/we have received remittance of …………….. (amount) which is a
fair value against ICT related services described below in respect of which this declaration is
made out and that the particulars given below are true:

a) Remitter’s name and address:


b) Remitting bank and address:

c) Reference No (contract/invoice/electronic communication etc.):

d) Purpose (please tick):

Information Technology Enabled Services (IT Enabled Services) and Business


Process Outsourcing (BPO) services – code 2410
Computer and Information Technology consultancy and management services
– code 2411
Export of computer software including turn-key basis (customized)– code 2412
Export of computer software including turn-key basis (non-customized) – code
2413
Installation services concerning hardware and software maintenance and repairs of
computers and peripheral equipment services – code 2414
………………………. (please specify)

Note: Please see the “Code lists for Reporting of External Sector transactions by the Authorized
dealers” for explanatory notes of above purposes.

Signature with name of applicant:


Address:
Date:

(for AD’s use only)


Month Country of ordering Purpose Amount in
customer (state currency)

Coded by:
Checked by:
Purpose of remittance:

Signature and stamp of Authorized Dealer:


Date:

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