Regulatory Alerts2022-12-04
Added
FEPD Circular Letter No. 45: Regarding Disbursement of Cash Incentive against Inward Remittances Earned by Armed Forces Members from UN Mission
The document instructs scheduled banks in Bangladesh to disburse cash incentives to members of the Army, Navy, Air Force, and Police serving in UN peacekeeping missions based on inward remittances. A 2% incentive applies to remittances received between July 1, 2019, and December 31, 2021, while a 2.5% incentive applies to those received from January 1, 2022, onwards. The process requires the respective forces to submit eligibility lists to their banks, which then apply to the Bangladesh Bank's Accounts and Budgeting Department for fund release before crediting the incentives to individual accounts.
Chief Executive/Managing Director All Scheduled Banks operating in Bangladesh.
Dear Sirs,
Reference is drawn to your attention to FEP Circular Letter No. 08 dated March 11, 2020, and FEP Circular Letter No. 31 dated September 10, 2020.
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In accordance with the instructions contained in the aforementioned circular letters, the following procedures are hereby instructed for the provision of incentives/cash assistance against the remittances sent to the country through various channels by members of the Army/Navy/Air Force/Police forces working in United Nations Peacekeeping Missions in various countries of the world during their stay abroad:
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In the matter of providing cash assistance/incentive, a 2% cash assistance/incentive will be applicable on the received remittances from July 1, 2019, to December 31, 2021, and a 2.5% cash assistance/incentive will be applicable on the received remittances from January 1, 2022.
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Other instructions previously issued in this regard will remain in force as usual.
Yours faithfully,
Md. Sarowar Hossain Director (FEPD) Phone: 9530123 Foreign Currency Policy Department Bangladesh Bank Head Office Dhaka.
Ref. No. FEPD/FCPD/Policy-1(1)/2022/101 FEP Circular Letter No.-45 Date: December 04, 2022 Subject: Regarding disbursement of cash assistance against inward remittances of members of the Armed Forces from United Nations Peacekeeping Mission.
a) For the purpose of waiving the incentive amount against the remittances received by members of the Army/Navy/Air Force/Police forces working in United Nations Peacekeeping Missions, the concerned organization will apply to their bank along with the list of eligibility of each of their members; b) The concerned bank will apply to the Accounts and Budgeting Department (ABD) of Bangladesh Bank along with the list classified under 'A' serial of the Armed Forces for the waiver of the amount applied by the Army/Navy/Air Force/Police; c) Subject to receiving funds from the government, the ABD will waive the amount to the concerned bank, and d) The concerned bank will deposit the incentive/cash assistance to the respective bank accounts of the members of the Armed Forces according to the list provided by the Armed Forces.