14 NRBs likely to be made CIPs

FE Team | Published: October 12, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

Doulot Akter Mala
The government is likely to declare 14 non-resident Bangladeshis (NRBs) as commercially important persons (CIP) on the basis of their investment, remittance and imports.
It has, for the first time in history of Bangladesh, selected the CIPs to encourage the expatriates to contribute to such areas of the country's economy.
The Ministry of Expatriates Welfare and Overseas Employment at a recent meeting selected the 14 CIPs from the expatriates for the year 2007.
In 2006, the government invited applications from the NRBs for selection of CIPs.
The government has taken the move to offer the NRBs the status and facilities similar to those given to the CIPs living in the country.
Under the 'Commercially Important Person (expatriate Bangladeshis) Selection Policy 2006', the government will select CIPs from the NRBs every year.
The NRBs will be selected for investment in Bangladesh's industrial sector, remittance of foreign currencies through the legal channel and import of Bangladeshi goods.
The list of CIPs is now awaiting clearance of the National Board of Revenue (NBR).
Sources said the government has finalised the names of CIPs, which will be announced after getting green signal from the NBR.
Among the CIPs Iqbal Ahmed, currently living in the UK, tops the list for his investment worth US$ 61.7 million in the country's industrial sector.
Abul Hossain of the UAE is on the top of the list of remittance senders. He has sent remittance worth $581,939.97 while Md Tozmul Selam Chowdhury of Saudi Arabia has been placed in second position for sending remittance worth $ 491000.
Shahid Hossain Jahangir of Australia ranked third with $463,000 followed by Md Abdus Sukkur of Saudi Arabia $ 229,660, Abul Khair of Saudi Arabia $198,064.35, Nasreen Zaman and M Badruzzaman of Singapore $178,200, Mohammad Hossain of Kuwait $ 158,787.78, Golam Kibria of USA $150,000, M Badiuzzaman and M Motaleb Hossain of Singapore $150,000.
Among those in the NRB importers' list Salim Hossain of the UK is on the top for importing products worth $ 7,455,172 followed by Monwar Hossain of Russia $2,316,782.87, Ajgar Uddin Hossain of Dubai $1,239,272 and Emshon Alam of Dubai $ 600,000.
The government has framed the policy to confer the commercially VIP status every year on the expatriate Bangladeshis in recognition of their outstanding contributions to the country's economy.
For getting selected, an NRB should have investment worth US$ 0.5 million and above or equivalent amount as capital in industrial sector in Bangladesh, a CIP foreign currency sender would have to send a minimum US$1,50,000 or equivalent amount though legal channels in a calendar year and a importer should import Bangladeshi goods worth US$ 0.5 million (free on board value) or equivalent amount.
In 2005-06, Bangladesh received US$ 4.8 billion as remittance through the official channels, which rose to around $6.0 billion in fiscal 2006-07, posting a 26 per cent growth.
Among the 70 developing countries, which receive a sizeable portion of remittance, Bangladesh is the 7th largest.