• Thursday, Dec 12, 2019
  • Last Update : 08:40 am

'Inward remittance upto $1,500 monthly to get 2% cash incentives'

  • Published at 10:12 pm August 5th, 2019
web-us dollars-Remittance
Bigstock

Remittance upto $1,500 will not face questioning

Inward remittances upto $1,500 from same individual in a month would get 2% cash incentives without any questioning while the remitter would need to provide documents relating to source of any amount beyond the ceiling, said Finance Secretary Abdur Rouf Talukder on Monday. 

The secretary said the decision came at a meeting held on the day at the finance ministry with Finance Minister AHM Mustafa Kamal in the chair. 

"Remittance upto $1,500 will not face questioning. Any amount above the ceiling may require documents relating to its source. Bangladesh Bank (BB) will issue a circular to this effect within a couple of days," said the secretary while briefing reporters at the ministry after the meeting. 

The Bangladesh Bank had proposed the ceiling to be set at $1,000 per month.

"We have raised the ceiling to $1,500 aiming to extend maximum facility to the remitters considering that it may bring larger amount of remittance into the country," the secretary said.

The government had announced cash incentives for inward remittance in the budget for FY20.