Govt gives 2pc stimulus to boost remittance inflow through legal channel: Kamal

Finance Minister AHM Mustafa Kamal has urged the expatriate Bangladeshis to send more remittance through the legal channel saying that the government provides 2 percent stimulus to boost the inward remittance flow.

“The main goal for providing 2% stimulus by Prime Minister Sheikh Hasina is to increase the inward remittance flow through legal channel,” he said while addressing a discussion meeting on “Incentivizing Remittances from the UK: Milestone Initiatives of Prime Minister Sheikh Hasina” held at Bangladesh High Commission in London on Thursday.

Representatives from over 20 remittance sender institutions exchanged views with the Finance Minister at the function, said a press release of the Bangladesh High Commission in London.

The release said that the expatriate Bangladeshis can send remittance to Bangladesh as per their wish through legal channel while the government of both UK and Bangladesh would not raise any question in this regard if any single remittance transaction not crosses the limit of $1,500. Rather, 2 percent stimulus would be provided to the remitters for which, the government has already allocated Taka 3,060 crore.

Mentioning that this stimulus on remittance became effective from July, 2019, the Finance Minister said providing 2 percent stimulus on sending remittance through legal channel is an unprecedented example set by Prime Minister Sheikh Hasina and such facility does not exist in any country.

He also informed that a seven-member committee would be formed, headed by the Bangladesh High Commissioner to UK, to monitor round the clock the facilities of the expatriates in sending their remittances.

Listing various steps taken by the government for the welfare of the expatriate Bangladeshis, Kamal urged the expatriates to invest in various bonds in the country. In this regard, he informed that Bangla Taka Bond would be launched at the London Stock Exchange next month which would create a big opportunity for the expatriates in making investment.

He mentioned that the work for some 40 special economic zones has progressed a lot out of the countrywide some 130 public and private special economic zones and the expatriates would be benefitted through making investments in these special economic zones alongside contributing to the national economy.

Bangladesh High Commissioner to UK Saida Muna Tasneem announced that the highest remittance sending Bangladeshi expatriate and organization from UK would be honoured every year and the Bangladesh High Commission in London would confer this honour from 2020.

She also hoped that with the effectiveness of 2 percent stimulus on remittance, the remittance flow to Bangladesh from the UK and other countries would increase to a record number in the next year.