The government has proposed two percent incentive in proposed budget to encourage transfer of foreign remittance through legal channels.
“To mitigate the burden of increased expenses in sending foreign remittances and to encourage bringing in foreign remittance through legal channels, two percent incentive will be provided from this fiscal year,” Finance Minister AHM Mustafa Kamal proposed.“For this purpose, I propose to allocate Tk 3,060 crore in this fiscal year,” he said.
This will significantly increase the remittance flow through legal channels and discourage the ‘hundi’ business, the minister said.
The expatriate Bangladeshi workers and their families often face financial losses and risks due to accidents and various other causes as there are no insurance facilities available to them.
Preparations have been taken to bring the expatriate workers under the insurance scheme, which will be implemented shortly.