Regulatory Alerts2020-12-02
Added · Updated
FEPD Circular Letter No. 40: Cash incentive against wage earners' remittances sent through legal channels
The document simplifies the documentation and verification process for receiving a 2% cash incentive on remittances exceeding BDT 5,000 or USD 5,000. Beneficiaries are now required to submit remitter documents directly to their bank branch, which verifies them and sends confirmation to the collecting bank to release the incentive. This streamlined procedure applies when the paying and collecting banks are different, or allows the single bank to handle both collection and verification if they are the same entity.
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