Regulatory Alerts2024-06-10
Added · Updated
FEPD Circular No. 11: Regarding cash incentive disbursement against monthly deposits under 'Probash Scheme' by wage earners
The Ministry of Finance directs that remittance incentives or cash assistance be disbursed against monthly deposits made in foreign currency under the 'Probash Scheme', provided the funds are sent directly from abroad to the designated account. No incentives are payable if the transfer is made in domestic currency from within Bangladesh. Scheduled banks are instructed to implement these conditions for eligible remitters.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd
Date: 10 June, 2024 27 Jyestha, 1431
FEPD Circular No: 11
Managing Director/Chief Executive Officer All Scheduled Banks operating in Bangladesh
Dear Sir,
Regarding the provision of incentive/cash assistance against monthly deposits sent in foreign currency under the 'Probash Scheme'.
In this regard, the letter No. 07.01.0000.039.10.19-121 dated 26 May, 2024, sent by the Ministry of Finance, Finance Division, Government of the People's Republic of Bangladesh, is enclosed herewith for your kind information and necessary action.
Enclosure: 01 (one) page
Yours faithfully,
(Signature) (Md. Sarowar Hossain) Director (FEPD) Phone: 9530123
Government of the People's Republic of Bangladesh Ministry of Finance, Finance Division Monitoring Cell Bangladesh Secretariat, Dhaka www.mof.gov.bd
No. 07.01.0000.039.10.19-121 Date: 12 Jyestha 1431 Bangabda 26 May 2024 AD
Subject: Provision of incentive/cash assistance against monthly deposits sent in foreign currency under the 'Probash Scheme'. Reference: Bangladesh Bank's Memo No. FEPD(LDA)/147(1)/2024-1440; Date: 10 March, 2024 AD.
In light of the aforementioned letter, it is hereby directed that if the money deposited under the 'Probash Scheme' is paid in foreign currency (i.e., sent), the government-declared rate of remittance incentive/cash assistance (including bonus) may be provided (including bonus) subject to the following conditions:
a) If the beneficiary of the 'Probash Scheme' sends money in foreign currency from abroad directly to the designated account of the 'Probash Scheme', remittance incentive may be provided to the senders (remitters) against the sent money, which shall be paid into the remitter's own bank account; b) If money is sent in domestic currency from within Bangladesh, they will not be eligible for the remittance incentive facility.
- In this regard, it is directed to take necessary subsequent action.
(Signature) 26/5/2024 (Dr. Mohammad Abu Yusuf) Director General (Additional Secretary) Phone: 22036359 Mobile: 01711-507024 ma_yusuf@hotmail.com
Governor Bangladesh Bank Motijheel, Dhaka (Copy for information: Director, Foreign Exchange Policy Department)