Banks instructed quick release of incentive over $5,000 remittance
The central bank enhanced the paper-free incentive receivable limit against inward remittance in the wake of a sharp fall in remittance earnings amid the novel coronavirus pandemic.
The Bangladesh Bank has instructed banks to immediately release cash incentive against remittance amounting over $5,000 or Tk5 lakh after getting proper documents from the receiver.
The central bank issued a circular in this regard on Thursday.
The Bangladesh Bank said in the circular, "It has been observed that cash incentive disbursement has been delayed as receiver banks send documents to remittance sender banks, although the remittance receivers submitted proper documents within the instructed timeline."
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In the last fiscal year the government has introduced 2% the cash incentive facility to encourage remittance through legal channels.
The central bank enhanced the paper-free incentive receivable limit against inward remittance in the wake of a sharp fall in remittance earnings amid the novel coronavirus pandemic.
On May 12 this year, the Bangladesh Bank said in a circular that beneficiaries of inward remittance up to $5,000 (or Tk5 lakh) would be entitled to avail the cash incentive without showing any documents of the wage earners.
In case of receiving remittance beyond $5,000, the beneficiaries will have to provide documents of the wage earners within two months.
Earlier, remittance beneficiaries were given 15 days to show proof of the wage earners.
