• Financial

Incentives increased further in remittances

  • Financial
  • 03 January, 2022 08:56:57

Photo: Collected

News Desk: Considering the importance of remittances sent by expatriates in the economic development of Bangladesh, the Ministry of Finance has decided to increase the incentive in expatriate income to 2.5 percent.

This information was given in a press release sent by the public relations officer of the Ministry of Finance Gazi Touhidul Islam at 12 noon on Saturday (January 1).

It said remittances were aimed at encouraging the repatriation of hard-earned foreign income of Bangladeshi working people considering the importance of remittances to improve the overall living standards of the people, increase foreign exchange reserves, prevent money laundering, create employment and economic development of Bangladesh. For this, the government has decided to increase the existing rate of 2 percent incentive / cash assistance to 2.5 percent. The increased rate will be effective from January 1 of the current 2021-22 fiscal year.

The government has decided to provide incentive / cash assistance at the rate of 2% for the first time against remittances sent in the fiscal year 2019-20. Due to this policy support of the government, the amount of remittances to banking channels has increased to 16.20 billion US dollars in FY 2019-20, which is about 13 percent more than the remittances collected in FY 2018-19. In addition, the amount of remittances collected in the fiscal year 2020-21 was 24.60 billion US dollars, which is about 36 percent more than the remittances collected in the fiscal year 2019-20.

New Year's gift from the Prime Minister to the expatriate Bangladeshi workers on increasing the amount of government incentives in remittances.

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