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Starting July 1, remittances of up to Tk 5,000 or Tk 5 lakh sent to expatriates will be unconditionally paid without any paperwork. Furthermore, the time to submit documents above Tk 5 lakh has also been extended.
To obtain the incentive for such a long time, expatriates had to submit the required documents within 15 days of receiving the consignment. It has now been extended to 2 months.
The Bank of Bangladesh’s Currency Policy Department issued a notice on the matter on Tuesday.
The government is giving incentives at a rate of 2 percent in the current 2019-20 fiscal year to increase the flow of remittances. If expats send remittances of 100 rupees to the country legally, they can get 102 rupees by adding 2 rupees with 100 rupees. Tk 3,060 crore has been allocated in the current fiscal year budget for incentive payments.
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Until now, no paperwork was required to obtain cash incentives for remittances against remittances below Rs 1.5 lakh. However, to get a cash incentive for sending more than Rs 1.5 lakh, one has to present a copy of the passport and a copy of the letter of appointment issued by the foreign employer to the branch of the remittance bank. If the person sending the consignment was engaged in a business, they had to pay for the business license.
On Tuesday, the central bank issued another new notice with some changes to the directive. It has been said that currently, considering the general benefit of the customer, remittances will receive an incentive for remittances of up to a maximum of $ 5,000 or up to Rs.5 lakh without any document. This facility will take effect on July 1.
In addition, he said that in case of sending more than Rs 5 lakh, the obligation to submit within 15 (fifteen) business days by the recipient has been relaxed and the deadline for submission of documents has been extended to two months. This installation will remain in effect until December 31.
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