Staff Correspondent: In March, the third month of this year, remittances (expatriate income) of $68.2 million or Tk 730 crore (at the rate of Tk 107 taka per dollar) are coming to the country every day. If this trend continues, the expatriate income will reach a record $2.11 billion or Tk 22,600 crore at the end of the month. This picture has emerged in the latest report of Bangladesh Bank.
According to the data of the Central Bank, in the first 10 days of this month of March, remittances have reached $682.3 million. In the number of taka which is Tk 7,300 crore. Of this, eight crore 91 lakh 90 thousand dollars or Tk 954 crore came through the state-owned banks. A remittance of one crore 37 lakh 90 thousand dollars or Tk 148 crore has come through specialized banks. 57 crore 69 lakh 60 thousand dollars or Tk 6,173 crore came through private banks and 24 lakh dollars came through foreign sector banks.
However, no remittance has come to the country through eight banks during this period. These include the state-owned Bangladesh Development Bank or BDBL, the specialized Rajshahi Agricultural Development Bank (RKUB), the private banks include Bengal Commercial Bank, Community Bank, ICB Islami Bank, Shimanto Bank, Foreign Habib Bank, National Bank of Pakistan and State Bank of India.
The central bank has taken various initiatives to increase remittances.
On November 16 last year, the Bangladesh Financial Intelligence Unit (BFIU) told expatriates to send remittances to the country through legal channels or banking channels, keeping loved ones safe and secure. The central bank thus urged not to send remittances through hundi or any other illegal channels.
According to Bangladesh Bank, remittance of hard-earned foreign exchange by expatriate Bangladeshis outside the banking channel (through hundi or any other illegal route) is a punishable offense and harms the country. The central bank also said to the expatriates, send your earned valuable foreign currency to the country through legitimate channels or banking channels instead of sending it through hundi or any other illegal channels, make a valuable contribution to the country and keep your loved ones risk-free and safe.
Besides, among the steps taken to increase remittances are two-and-a-half percent cash incentives against legitimate wage earners remittances, CIP awards to remittance senders, expanding and simplifying the remittance distribution process as well as providing investment and housing financing facilities for non-resident Bangladeshis, international money under fintech systems. Transfer Operator to establish drawing arrangement with BangladeshBank.
Fees charged by banks or exchange houses for setting up incentives and sending remittances are waived. The latter has relaxed the conditions for filling Form C to bring remittance income to the country in return for services.
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