Regulatory Alerts2017-11-30
Added · Updated
SFD Circular Letter No. 06: Expenditure allocation for training to develop the efficiency of wage-earners and opening & maintenance of wage-earners' bank account under Corporate Social Responsibility activities to increase the foreign remittance
The Department of Offsite Supervision advises scheduled banks in Bangladesh to treat expenditures for training migrant workers and opening or maintaining their bank accounts as eligible Corporate Social Responsibility (CSR) activities. This guidance aims to remove barriers faced by migrants in sending remittances through banking channels, thereby increasing the flow of foreign remittances into the country. Banks are instructed to report these expenses under the specific sub-category of 'Remittance Promotion' in the format prescribed by the GBCSRD Circular Letter No. 06 dated June 10, 2015. These instructions are to be implemented immediately.
Department of Offsite Supervision Bangladesh Bank Head Office Dhaka. Ref: SFD Circular Letter No. 06 November 30, 2017 Date: -------------------- 16 Agrahayan, 1424
Managing Director / Chief Executive Officer All Scheduled Banks operating in Bangladesh.
Dear Sir,
Regarding expenditure allocation for training to develop the efficiency of wage-earners and opening & maintenance of wage-earners' bank account under Corporate Social Responsibility (CSR) activities to increase the flow of remittances in the country.
Reference is drawn to DOS Circular No. 01, dated June 01, 2008, issued by the Department of Offsite Supervision.
In this regard, it is mentioned that various initiatives are being taken by Bangladesh Bank to increase the flow of remittances from abroad. As part of these initiatives, if any autonomous organization arranges training programs to enhance the skills of unskilled migrants, considering the necessary expenditures related thereto and the expenditures for opening and maintaining bank accounts for them as negative aspects under the Corporate Social Responsibility (CSR) activities of the banks, it can remove the obstacles faced by migrants in sending remittances through banking channels. Consequently, the speed of remittance flow in the country can be increased.
In this context, you are advised to consider the necessary expenditures for various multi-faceted training programs to enhance the skills of unskilled migrants going abroad and the expenditures for opening and maintaining bank accounts as negative aspects under the CSR activities of your banks. This is to increase the flow of remittances in the country.
It is further instructed that you report these expenses under the applicable sub-category of 'Remittance Promotion' in the format issued via GBCSRD Circular Letter No. 06 dated June 10, 2015.
These instructions shall be implemented immediately.
Thanking you,
Yours faithfully,
(Manoj Kumar Biswas) General Manager Phone: 9530320 Email: sfd.os@bb.org.bd