Wednesday, October 16, 2019

Don’t lose incentives on July-Sept remittance: Kamal

  • Senior Correspondent, bdnews24.com
    Published: 2019-10-03 00:29:13 BdST

bdnews24

The government has started handing out through banks 2 percent cash incentives on remittances sent this fiscal year, according to the finance minister.

“Don’t miss the incentives on the remittances sent in the July-September period. Make sure you’ve received the dues,” AHM Mustafa Kamal advised the Bangladeshis working abroad and their families on Wednesday.

In addition to the incentives to boost remittance inflows through legal channels, the government has announced that the expatriates will not require to show source of the money sent if the amount is below $1,500 in a single transaction.

An expatriate can make as many transactions as they want in a day, Kamal clarified.

The government has allocated Tk 30.6 billion in incentives on remittances this fiscal year.

The move drove July-September remittance inflows up to $4.5 billion with a rise of 16.58 percent than the first quarter of last fiscal year.

The amount includes $1.46 billion in September, with a 29 percent rise from the same month last year, and the fourth highest remittance in a month in the country’s history.

In 2018-19, Bangladesh received record $16.42 billion in remittance with a 9.6 percent growth.

The incentives will lead to up to $20 billion in remittance inflows in 2019-20, Kamal hopes.