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The Bangladesh Bank has asked the Finance Division to disburse Tk 1,400 crore to pay cash incentives to expatriates against remittances.
The incentive will be disbursed for the October-December period.
Incentives of Tk 1,000 crore were disbursed in the first instalment in the July-September period of the current fiscal year.
The money was disbursed in favour of the Bangladesh Bank under eight conditions, said sources in the Finance Division.
The government started paying a 2 per cent incentive in the fiscal year 2019-20 to encourage expats to send remittance legally.
Under the scheme, expats’ relatives get Tk 2 in cash incentive for every Tk 100 remitted via banking channels.
The government aims to get more remittance in the current fiscal year.
That is why it increased the amount of remittance incentives in the current fiscal year’s budget to Tk 4,000 crore.
In the previous financial year, Tk 3,060 crore was allocated in the original budget to give this incentive, but the amount was increased to Tk 3,800 crore in the revised budget.
The money was disbursed in four instalments. In July, August, and September, remittance reached $1,872.49 million, $1,810.1 million, and $1,726.29 million respectively.
