Wednesday, 6 July, 2022

Policy on int’l e-commerce operations on cards

Policy on int’l e-commerce operations on cards

The government is formulating a guideline for supporting e-commerce companies to engage in export-import transactions within a legal framework.

Commerce Ministry and E-Commerce Association of Bangladesh (E-Cab) are jointly working on the policy formulation to support digital businesses in cross-border transactions, officials concerned informed the Daily Sun.

“A meeting was held on cross-border e-commerce policy recently. From E-Cab, we gave inputs in the primary development of the zero draft of the policy,” said Abdul Wahed Tomal, general secretary of E-Cab.

The business leader expressed hope the e-commerce sector will get a legal structure for export-import operations through the proposed policy.

 “The e-commerce sector has begun to revive as many local companies have pledged investment in the sector,” Tomal added.

The Ministry of Commerce issued a standard operating procedure (SOP) earlier in last year to bring good governance in the e-commerce sector affected by different types of anomalies.

The directive directed the e-commerce companies to receive a maximum of 10 percent as an advance payment as many online platforms embezzled money in the name of digital trade.

E-Cab has been observing April 7 as ‘E-commerce Day’ for the last few years to promote the local e-commerce industry that saw significant growth in the last two years amid the corona pandemic.

Local banks and financial institutions are also developing products to support cross-border transactions with e-commerce platforms.

BRAC Bank recently introduced duel currency transactions for its debit card services.

“The introduction of dual currency in debit cards will add value to e-commerce transactions. As per the guideline of Bangladesh Bank, anyone can pay a maximum of $300 to foreign e-commerce platforms,” Mahiul Islam, Head of Retail Banking at Brac Bank, told Daily Sun on Thursday.

There are around 1600 registered e-commerce companies under E-cab with market size of Tk 160 billion.