Armed forces in peacekeeping missions will also receive incentive against remittances

The members of the army, navy, air force and police forces working in different countries of the world in the United Nations peacekeeping mission will be given incentives or cash assistance against the money they have sent to the country legally during their stay abroad, said a Central Bank circular.

The circular issued by the Foreign Exchange Policy Department of the Bangladesh Bank on Sunday said that a 2% cash assistance or incentive will be applicable on remittances received from 1 July 2019 to 31 December 2021. Also, a 2.5% cash assistance or incentive will be applicable on remittances received from 1 January this year.

There are several steps to be followed in the guidelines for availing of the incentives. First, the organisation concerned have to apply to the bank concerned along with the list for incentive receivers against the money received by them in the peacekeeping mission.

Later, the bank concerned will apply to the Accounts and Budgeting Department of the Bangladesh Bank along with the "A" list of the armed forces for releasing the applied amount.

Subject to the availability of funds from the government, the Accounts and Budgeting Department will release the money to the respective banks that will deposit it into the accounts of the armed forces members.