Spl facilities likely for NRBs remitting higher amounts
Saturday, 4 August 2007
FHM Humayan Kabir
The interim government has taken a move to provide facilities for the Bangladeshi expatriates who directly contribute to the national economy by remitting their hard-earned income.
Sources in the Ministry of Expatriates' Welfare and Overseas Employment (MEWOE) said that the government might offer some facilities to the Non-Resident Bangladeshis (NRBs), who would remit US$5000 or above annually.
The government has formed a high-powered committee, headed by the Secretary of the MEWOE, Abdul Matin Chowdhury, to suggest the right kind of incentives for the NRBs, the sources said.
Representatives from Bangladesh Bank, home affairs, foreign affairs and commerce ministries, Bureau of Manpower, Employment and Training (BMET) were also included in the high-powered committee.
The Ministry sources said that the committee would place their report to the government shortly with recommendations.
Although the earnings from the Bangladeshi immigrants account for nearly 7.0 per cent of the country's gross domestic product (GDP), they are not given the right kind of incentives in return, the sources said.
According to sources, more than 4.0 million Bangladeshi expatriates working in different countries remitted about $6.0 billion in the fiscal 2006-07.
A high official of the MEWOE told the FE that though the local businessmen, especially the ready-made garment (RMG) exporters, get a lot of facilities from the government like tax-holiday, cash incentives and easy loan facilities from the commercial banks, the NRB's and wage earners do not get any such facility for their contribution to the national economy.
Bangladesh's total export earnings was $12.18 billion in the last fiscal 2006-07 including $9.21 billion from the RMG sector.
The official said that the government had only offered some plots for the NRBs and launched a welfare fund for them. "Besides, they can be accorded commercially important person (CIP) status by the government provided an NRB makes substantial investment in Bangladesh or imports Bangladeshi goods to the country where he or she is staying or remits more than $10,000 annually," he added.
Dr Tasneem Siddiqui, professor of the Department of Political Science of Dhaka University, who is working on the Bangladeshi migrants told the FE, "The Bangladesh Bank should relax its policy relating to the number of officials that the local commercial banks can employ in their individual branches abroad."
"To raise remittance flow, the government can allow modern technology like money transfer through mobile phone and internet. Neighbouring India and the Philippines are allowing such facilities for their NRBs," she said.
The interim government has taken a move to provide facilities for the Bangladeshi expatriates who directly contribute to the national economy by remitting their hard-earned income.
Sources in the Ministry of Expatriates' Welfare and Overseas Employment (MEWOE) said that the government might offer some facilities to the Non-Resident Bangladeshis (NRBs), who would remit US$5000 or above annually.
The government has formed a high-powered committee, headed by the Secretary of the MEWOE, Abdul Matin Chowdhury, to suggest the right kind of incentives for the NRBs, the sources said.
Representatives from Bangladesh Bank, home affairs, foreign affairs and commerce ministries, Bureau of Manpower, Employment and Training (BMET) were also included in the high-powered committee.
The Ministry sources said that the committee would place their report to the government shortly with recommendations.
Although the earnings from the Bangladeshi immigrants account for nearly 7.0 per cent of the country's gross domestic product (GDP), they are not given the right kind of incentives in return, the sources said.
According to sources, more than 4.0 million Bangladeshi expatriates working in different countries remitted about $6.0 billion in the fiscal 2006-07.
A high official of the MEWOE told the FE that though the local businessmen, especially the ready-made garment (RMG) exporters, get a lot of facilities from the government like tax-holiday, cash incentives and easy loan facilities from the commercial banks, the NRB's and wage earners do not get any such facility for their contribution to the national economy.
Bangladesh's total export earnings was $12.18 billion in the last fiscal 2006-07 including $9.21 billion from the RMG sector.
The official said that the government had only offered some plots for the NRBs and launched a welfare fund for them. "Besides, they can be accorded commercially important person (CIP) status by the government provided an NRB makes substantial investment in Bangladesh or imports Bangladeshi goods to the country where he or she is staying or remits more than $10,000 annually," he added.
Dr Tasneem Siddiqui, professor of the Department of Political Science of Dhaka University, who is working on the Bangladeshi migrants told the FE, "The Bangladesh Bank should relax its policy relating to the number of officials that the local commercial banks can employ in their individual branches abroad."
"To raise remittance flow, the government can allow modern technology like money transfer through mobile phone and internet. Neighbouring India and the Philippines are allowing such facilities for their NRBs," she said.