DMD Circular Letter No. 05: Regarding Further Clarification of the Rule related to Wage Earner Development Bond Eligibility

Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.

Data Management Department

DMD Circular Letter No. 05

Date: 23 Bhadra, 1427 Bangla 07 September, 2020

To the Chief Executive Officer/Managing Director, All Scheduled Banks operating in Bangladesh (Excluding Islamic Shariah-based Banks)

Regarding further clarification of the rules related to "Eligibility to Purchase" Wage Earner Development Bond.

Dear Sir,

In the matter of eligibility to purchase Wage Earner Development Bond, the Department of Internal Resources, Ministry of Finance, has taken the following decisions alongside the existing Bond Rules:

a. Expatriate Bangladeshis receiving money including pensions in foreign currency against employment abroad, and Bangladeshis who are currently residents but receive pensions from abroad, do not have the opportunity to purchase Wage Earner Development Bonds.

b. Beneficiaries do not have the opportunity to purchase Wage Earner Development Bonds using money received as service benefits after the death of the wage earner.

c. Bangladeshi mariners and pilots/cabin crew employed in foreign-owned shipping/airline wage companies, and mariners and pilots/cabin crew employed in foreign offices of Bangladeshi-owned shipping/airline wage companies and receiving foreign currency from there, do not have the opportunity to purchase Wage Earner Development Bonds.

In this regard, you are directed to take necessary measures in accordance with the above decisions.

Yours faithfully,

(Signature) (Md. Khurshid Alam) General Manager Phone: 9530131 E-mail: khurshid.alam@bb.org.bd