Foreign remittance worth a maximum of $5000 or Tk5 lakh each will not require any documents to receive incentive
Bangladesh Bank on Tuesday relaxed conditions to get cash incentive against remittance sent in banking channel as remittance inflow drastically fall in recent months due to pandemic coronavirus.
Foreign remittance worth a maximum of $5000 or Tk5 lakh each will not require any documents to receive incentive, says a central bank notice.
Cash incentive for any amount above $5,000 will be subject to providing some documents, it adds.
However, in this case, the deadline for submission of documents has been increased from 15 days to 2 months.
The relaxed facilities would be effective from July 1 of 2019 to December 31 this year.
On August 6 last year, the central bank issued guidelines on cash incentive against remittance.
Submission of documents was mandatory for cash incentive for any amount above $1,500, as per central bank guidelines issued last year.
The documents include passport copy of expats, appointment letter, certificate given from Bureau of Manpower, Employment and Training (BMET) and copy of trade licence in case of remittance generated from business proceeds.
The government announced 2% cash incentive for inward remittance in the current budget.
Remittance inflow declined by 24.68% year-on-year to $1.08 billion in April as coronavirus pandemic took the toll.
The inflow of remittance in April was also down by 16.01% from the previous month, as expatriate Bangladeshis sent $1.28 billion in remittance in March, according to the data of Bangladesh Bank (BB).
The global economy has come to a halt due to the coronavirus pandemic, leaving thousands of migrant Bangladeshi workers jobless and creating pressure over foreign exchange reserve.