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Dhaka Tribune

Exporter retention quota account launched for outsourcing professionals

Update : 08 Jun 2015, 06:04 PM

Standard Chartered Bangladesh has introduced exporter retention quota (ERQ) account in association with Bangladesh Association of Software and Information Services (BASIS) to simplify international payment systems. 

State Minister for ICT Division Zunaid Ahmed Palak formally launched the new product, which is first of its kind in the country, at a function in Dhaka yesterday.      

It’s a unique proposition for the individuals and professionals involved in outsourced service exports with a bundle of a savings account and a US dollar ERQ account.  

Aditya Mandloi, Head of Retail Client of Standard Chartered Bangladesh, said the customers can receive the proceeds of inward remittances as payment against outsourcing services. He said maximum 60% of such proceeds can be parked in the ERQ account in foreign currency and the remainder in local currency savings account. 

To facilitate the system, BASIS will issue testimonial or certificate at a cost of Tk3,000 to the outsourcing professionals, which will help them to avail the offer of the bank.

The application form of this testimonial can be downloaded from the BASIS website (www.basis.org.bd).   

Zunaid Ahmed Palak said Bangladesh is transforming from a labour-based society to a knowledge-based one, which is a good step on the way to become a middle-income state. 

“This offer would greatly help the outsourcing professionals in both inward remittance and international payments,” said  BASIS President Shameem Ahsan.

He said one of the pillars of the “One Bangladesh” vision for the IT industry is the reaching of $1bn milestone in exports by 2018.

“To facilitate that we need to simplify the inward remittance and international payment system among others, which this offer will address,” Shameem Ahsan said. 

BASIS secretary general Uttam Kumar Paul said as of now 6 lakh freelancers, working in Bangladesh in outsourcing sector, are not listed anywhere, but the newly launched ERQ account system will bring them under an umbrella. 

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