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The government has decided to increase the cash
incentive on sending remittance to 2.5 percent from the existing 2 percent in
order to encourage sending remittances through legal channels.
The decision, which came into effect from today (January 1, 2022), is
expected to improve the overall living standards of common people, boosting
the foreign currency reserves, checking money laundering, generating
employment, said a Finance Ministry press release.
This increase of cash incentives against remittance is a gift from Prime
Minister Sheikh Hasina to the expatriate Bangladeshi workers marking the New
Year.
The release said the government first decided to provide 2 percent cash
incentives against sending remittance in the FY20 which resulted in a healthy
inward remittance amount of $18.20 billion which was 13 percent higher than
the previous fiscal year (FY19).
In continuation of this, the inward remittance amount was $24.80 billion
in the last fiscal year (FY21) which was also 36 percent higher than the
previous fiscal year (FY20).
(BSS)
