BB seeks remittance incentive report from banks

Staff Correspondent

9 March, 2021 12:00 AM printer

Bangladesh Bank (BB) has instructed all the scheduled banks to send updated information of providing cash incentives against legally channeled remittance.

Foreign Exchange Policy Department of the central bank on Monday sent a letter to the top executives of all scheduled banks with the directive.

The letter has asked for the detailed information of cash incentives provided against the remittance on monthly basis.

The information needs to be submitted to Bangladesh Bank through the Rationalized Input Template (RIT).

As per the directive, the scheduled banks have to submit detailed disbursement statement of declared 2.0 percent incentive of a month by 10th of the following month through the web portal of BB. Besides, the BB has ordered to banks to submit detailed information of providing incentives from July 1, 2019 to February 28, 2021.

It needs to be submitted by April 1 this year to Foreign Exchange Policy Department.

As per budgetary allocation, the Bangladesh Bank has been distributing 2.0 percent cash incentive against inward remittance sending by Bangladesh expatriates through scheduled banks from July 2019.

 Later the central bank included in its beneficiary list the Bangladeshi people working abroad under any Bangladeshi owned shipping or airlines and foreign-owned shipping or airlines who send money back home using legal channels.

The 2.0 per cent cash incentive is also applied to the Bangladeshi people working abroad with UN agencies and other international agencies.

But Bangladeshi citizens who are government employees working in different overseas offices and missions are not eligible for the facility.