A government initiative is well under way to make online financial transactions at all Bangladesh missions abroad by this December.
Once introduced, it is believed, financial management information system iBAS++ will expedite inflow of earnings of the missions to the national exchequer.
Currently, all 77 missions which earn approximately Tk 40 billion a year do not send remittances on time.
Visa processing, passport renewal and consular fees mostly bring the embassies in the revenue abroad.
People familiar with the matter at finance division told the FE that they are expecting to introduce the online transaction system by this December.
A team comprising experts, led by senior consultant Sabbir Ahmed, has already visited three missions in India, Dubai and Abu Dhabi.
"We're in the final stage of implementing iBAS++ at all missions of Bangladesh by December 2019," said an official at the division on Sunday.
He said this would help ensure transparency in monetary transactions as well.
Once launched, each transaction made abroad will immediately be shown on the system, thus allowing the government's daily income from its missions.
He said the government remains in the dark about the missions' earnings as they send the same to the consolidated fund months later of such transactions.
As a result, the official said, the government remits funds to some missions to meet their financial requirements.
On the other hand, some missions at the Middle-Eastern countries report about the financial statements after all their spending there.
Another official with knowledge of this development said they would be able to predict the income flow after the system comes on line.
"We'll be able to know about monetary transactions in real time," he told the FE.
iBAS++ is a centralised and internet-based integrated budget and accounting system. It helps budget preparation and distribution to field offices.
The software depicts a complete picture of the government's assets and liabilities at a given point of time.
The public expenditure management strengthening programme under finance ministry is technically assisting in implementing it.
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