The government has relaxed rules for Non-resident Bangladeshis to avail themselves of the Commercially Important Person card while it has increased the quota for the number of CIP card holders to attract more foreign remittance.
On May 7, Expatriates Welfare and Overseas Employment Ministry published its CIP (NRB) Selection Policy 2015 where the government made the changes.
According to the new policy, the government can now recognise contribution of maximum 90 Non-resident Bangladeshis (NRB) through awarding them with CIP (NRB) card under three separate categories for their contribution to the economy through remitting foreign currencies.
Now, the government can select 20 NRBs for making direct investment in industries in Bangladesh, 50 for sending highest remittance to Bangladesh through legal channels and another 20 for importing products from Bangladesh, according to the new policy.
Earlier, the number was maximum 10 under the first two categories and five for the third category.
According to the new policy, a Non-resident Bangladeshi can avail the CIP (NRB) card if they invest minimum $3 lakh in Bangladesh while staying abroad. Earlier, it was $5 lakh in the policy.
A Bangladeshi residing abroad can now be selected as CIP if they import goods valued minimum $3 lakh into their countries of residence from Bangladesh, which was $5lakh in the last policy.
However, the CIP (NRB) under the remittance sender category now have to send at least $2 lakh in a fiscal year, which was earlier $1.5lakh.
In the last policy that was enacted in 2006, a committee by the ministry can finalise lists of CIP (NRB), but the Non-resident Bangladeshis will now have to pass through a greater scrutiny as the five-member committee under the ministry can now only finalise the primary list.
After the primary scrutiny, a nine-member committee consisting of representatives from ministries of home, commerce and foreign affairs, Bureau of Manpower, Employment and Training, Bangladesh Bank and National Board of Revenue will approve the final list for CIP (NRB) card.
The government has awarded 13 expatriate Bangladeshis for the year of 2010 while nine were awarded in 2011 and 11 in 2012.
The CIP (NRB) cardholders will enjoy a number of facilities for the next one year from the day of issuance of the gazette that includes a card to be used for entering secretariat, while they will get reserved seats in government air, rail, road and waterways for business related visits.
The CIPs, their spouses and children will get priority in getting cabin facilities in government hospitals for medical treatment. The CIP cardholders will be allowed to use VIP lounge ‘Chameli’ and get special luggage handling facilities at the airport.
The government can include their names as members while formulation of related policies and they will get special treatment while meeting high officials at home and abroad.
The NRB CIPs will also receive similar benefits that the foreign investors get while making investment in Bangladesh.
Currently, over 80 lakh Bangladeshis are living in many countries across the world representing over 5% of the total population of the country.
Bangladesh is the second largest remittance receiver in South Asia.