The government is planning to give 2 percent incentive on money remitted by expatriate Bangladeshis from the fiscal year 2019-20 (FY20) to mitigate the burden of increased expenses in sending foreign remittances and to encourage bringing in foreign remittance through legal channels.
This was disclosed today in the proposed budget placed in parliament by finance minister AHM Mustafa Kamal.
For this purpose, the government proposed to allocate Taka 3,060 crore for this fiscal.
“This will significantly increase the remittance flow through legal channels and discourage the ‘hundi’ business,” the finance minister’s budget speech read.
As per the budget speech, the expatriate Bangladeshi workers and their families often face financial losses and risks due to accidents and various other causes as there are no insurance facilities available to them.
“Preparations have been taken to bring the expatriate workers under the insurance scheme, which will be implemented shortly,” it read.