Foreign remittance has become a lifeline for our economy. It serves as a lifeline for many families, contributing to economic development and stability. The funds of foreign remittance support the provision of basic needs like food, education, and healthcare. Remittance money also stimulates local economy through increased spending and investment. Thus remittance plays a vital role in facilitating financial inclusion and reducing poverty levels. It is, therefore, essential to recognise the importance of foreign remittance and work towards ensuring efficient channels for its transfer.
But the government should pay more attention to address irregularities and corruption in remittance sector. It is crucial for ensuring the integrity and effectiveness of financial transactions. Corruption in the remittance sector can have detrimental effects on both the economy and the welfare of individuals relying on these funds. It can lead to financial losses, inefficiencies in money transfer processes, and exploitation of migrants sending money back home. It is, therefore, hoped that the authorities concerned would take urgent steps to streamline this vital sector.
Imtiaz khan
Student
North South University
imtiaz.khan@northsouth.edu