BM Report:

Members of the Bangladesh Association of Software and Information Services (BASIS) can park the payment in a USD account and a BDT account simultaneously, receiving money through inward remittance. Additionally, subject to regulatory requirements and bank policy, a member may move USD funds from their USD ERQ accounts to foreign accounts for legitimate business purposes. Furthermore, members are permitted to utilize an international card issued on their ERQ account.

Prime Bank and BASIS recently signed a Memorandum of Understanding at the BASIS Boardroom in Dhaka to launch an Export Retention Quota Account (ERQ) facility for the BASIS member companies that are actively involved in service export in a non-physical form, such as outsourcing, BPO, business services, professional and advisory services, etc.

Mohammad Habibur Rahman Chowdhury, Deputy Managing Director and Chief Financial Officer of Prime Bank, and Hashim Ahmed, Secretary at BASIS, signed the Memorandum of Understanding on behalf of their respective organizations. 

Among others, Md. Shajalal, Chairman of the BASIS Standing Committee on Member Services and Welfare; Chowdhury Fatima Rokon Tuli, Head of Services, BASIS; Syed Faisal Omar, SEVP and Head of Financial Institutions of Prime Bank; and other senior officials of respective organizations were also present during the signing ceremony.