BB relaxes remittance incentive regulations

Bangladesh Bank has issued a circular relaxing its regulations for cash incentives on the money sent by the expatriates.

From now on, banks are allowed to provide cash incentive to beneficiaries, who will receive more than $ 5,000 in a single transaction, without verifying the documents of remitters with the overseas exchange houses as well as banks.

The disbursing bank will send confirmation to the remittance-receiving bank to release such incentive shortly after examining all documents on their own.

The remittance receiving bank would release the cash incentive on the basis of confirmation of the disbursing bank, the circular added.

The documents will be collected and verified by the receiving bank for releasing cash incentive against inward remittances that will be received and disbursed by the same bank. Such relaxations on cash incentive against wage earners' remittances came into effect from July 01, 2019, the  circular added.