Bangladesh

BB relaxes rules on remittance incentives

The central bank yesterday relaxed the rules of providing cash incentives to the beneficiaries of remittances.

From now on, banks are allowed to provide cash incentive to beneficiaries of remittances, who will receive more than $ 5,000 in a single transaction, without verifying the documents of remitters with the overseas exchange houses as well as banks.

The banks, which disburse remittance to the beneficiaries, will have to check the documents on their own responsibility by way of communicating with the local lenders that collect remittance initially, according to a Bangladesh Bank notice.

The banking regulator earlier asked banks to verify the documents of migrant workers, who send remittance, with the overseas banks as well as exchange houses.

But many foreign lenders and exchange house are showing reluctance to share the documents of clients with the Bangladeshi banks.

The local banks had to verify the passport number, appointment letter, work permit order of migrant workers.

The documents are now provided by the beneficiaries of remittance to the local banks.

Between July and November, remittance hit $10.90 billion, up 41.32 per cent year-on-year.

This has had a great impact on the country's foreign exchange reserve.

The reserve stood at $41.18 billion as of November 25 in contrast to $31.72 billion one year earlier. 

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