Home ›› 23 Feb 2023 ›› Front
Bangladesh Bank issued a circular on Wednesday enhancing the declaration limit of inward remittances against service income.
To facilitate inward remittances, it has been decided that declaration on Form C shall not be required for inward remittance up to USD 20,000 or its equivalent, the circular said.
Earlier the limit was USD 10,000 or its equivalent. But no declaration is required for inward remittances sent by Bangladeshi nationals working abroad, the circular added.
Bangladesh Bank allowed authorized dealer (AD) banks on February 01, 2023, to receive electronic declarations (known as Form-C) from customers, preferably designated ‘app’ under the internet banking network, for inward remittances against service income.
From now on, the declaration on Form-C will not be required for inward remittances up to USD 20,000 or its equivalent against service income.service providers have been asked to suspend transactions through the suspicious MFS accounts.
At present, there are 13 MFS providers including the aforementioned ones in the country. The total number of active MFS account holders stands at 5.55 crore and active MFS agents at 15.22 lakh, according to BB officials.
Many of them are using their MFS accounts for online gambling and other illegal activities, they said.
That is why the central bank has decided to suspend these accounts and blacklist the people or business organisations and agents who are behind these suspicious transactions, BB officials said.
