BB eases regulations for remittance receivers

Remittance receivers will not have to submit documents to collect cash incentive against remittance of maximum five thousand US dollars or five lakh taka, Bangladesh Bank (BB) said.

A circular issued by the Foreign Exchange Policy Department of the central bank on Tuesday (May 12) has been sent to the managing directors and chief executives of all scheduled banks.

The circular said at present, a recipient has to submit documents to banks within 15 working days in case of receiving remittance over Tk 1,50,000.

“Considering the current coronavirus situation, incentive facility will be applicable on remittances sent for the convenience of the customer up to USD 5,000 or up to Tk 5 lakh”, it added.

However, to receive 2 percent cash incentive on remittance over Tk 5,00,000, the obligation to submit the documents within 15 working days has been extended to two months.

This decision will remain effective till December 31 this year, mentioned the BB circular.