Incentive on remittance from expatriates

The government has taken a timely step by declaring a 2.0 per cent incentive on money remitted by expatriate Bangladeshis from fiscal year (FY) 2019-2020 onwards. It will encourage Bangladeshis living abroad to send their remittances through proper channels. Prior to Eid-ul Fitr, in the month of May, Bangladesh received $1.76 billion-the highest amount of monthly remittance- till date. Eid-ul Azha is just two weeks away now. I am sure that past records will be broken in the coming month of August because of incentives. Also, most expatriates will send money home to their families for buying sacrificial animals, clothing items and other expenditures.
Bangladesh's remittance inflow in FY2005-06 was nearly $5.0 billion. This tripled to $15 billion in 2018. It has been proposed that Tk 30.6 billion be allocated for incentives. The finance ministry will allocate this fund. The government has also initiated life insurance facilities for expatriates. In case, they face any accidents leading to injuries and deaths, their families back home can claim some funds from the insurance company.
I would like to thank the government for these steps. I am sure these will reap benefits for the economy.
Mohammed Sohel Hara
Banasree, Dhaka
[email protected]