Regulatory Alerts2019-11-20
Added · Updated
FEPD Circular Letter No. 29: Regarding Cash Incentive on Wage Earners Remittance
The document amends FEPD Circular No. 31 by replacing the cash incentive provision for remittances with a maximum incentive of BDT 1,500 or 2% of the remittance amount, whichever is lower, applicable without any documentation. It also extends the deadline for recipients to submit required documents from five working days to fifteen working days. These amendments apply to all scheduled banks operating in Bangladesh and take effect immediately.
Chief Executive/Managing Director All Scheduled Banks operating in Bangladesh.
Dear Sirs,
Reference is drawn to FEPD Circular No. 31 dated 06/08/2019 issued on the subject cited above.
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Clause 1(g) of the aforementioned circular is hereby replaced as follows: "An incentive facility shall be applicable on remittances sent by expatriates at a maximum of BDT 1,500 (One Thousand Five Hundred) / equivalent in other foreign currencies / BDT 1,50,000.00 (One Lakh Fifty Thousand) or at a rate of 2 percent, without any documentation."
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The time limit for recipients to submit documents as per Clause 6(d) of FEPD Circular-31 has been extended from 05 (five) working days to 15 (fifteen) working days.
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In this regard, other instructions remain unchanged.
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You are requested to inform all concerned parties about this matter.
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This instruction shall take effect immediately.
Yours faithfully,
(Mohammad Khurshid Wahab) General Manager Phone: 9530123
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka.
FEPD Circular Letter No. 29 Date: Subject: Regarding the provision of cash assistance against the sending of remittances through legitimate channels.
5th Agrahayan, 1426 November 20, 2019
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