Regulatory Alerts2020-09-30
Added · Updated
FEPD Circular Letter No. 36: Cash incentive against wage earners' remittances sent through legal channels
The document clarifies that cash incentives are not applicable for investments in Wage Earners Development Bonds, US Dollar Investment Bonds, and US Dollar Premium Bonds made in the name of any person other than the remitter themselves. This directive aligns with a decision by the Ministry of Finance regarding the use of authorized funds for these specific bond categories. The instruction is effective immediately for all scheduled banks operating in Bangladesh.
15 Ashwin 1427 30 September 2020 Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka.
Ref. No. FEPD Circular Letter No.-36 Date: -------------------------
Chief Executive/Managing Directors All Scheduled Banks Operating in Bangladesh.
Dear Sirs,
In reference to FEPD Circular No.-31 dated 06/08/2019, regarding the "Policy on providing incentives/cash assistance against remittances sent through legal channels," and based on the decision in Memorandum No.-07.01.0000.03.099.10.19-292, dated 15/09/2020, of the Ministry of Finance regarding the eligibility of a 2 percent incentive/cash assistance for Wage Earners Development Bonds, US Dollar Investment Bonds, and US Dollar Premium Bonds using authorized funds, the following instructions are hereby issued:
"Cash incentives/assistance are not applicable for investments in Wage Earners Development Bonds, US Dollar Investment Bonds, and US Dollar Premium Bonds made in the name of any person other than the investor themselves, alongside Wage Earners Development Bonds made in the investor's own name."
- These instructions shall be implemented immediately.
Yours faithfully,
(Mohammad Khurshid Wahab) Chief Manager Phone: 9530123
Subject: Regarding the provision of cash assistance against remittances sent through legal channels.
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