a year ago

Recharging receding forex reserves

Expatriates can send higher remittance sans declaration

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Bangladeshis working abroad can now send home higher remittance sans declaration as the central bank raised the limit, under current government drives for recharging the country's receding foreign-exchange reserves.

From now on, Bangladeshi expatriate workers can bring remittance amounting to US$20,000 or its equivalent without any declaration, says the Bangladesh Bank (BB) in a latest circular.

The ceiling on undeclared amount of remittance has been doubled from the current limit at US$ 10,000 or its equivalent.

The circular issued Wednesday by the foreign-exchange policy department of the central bank reads: "No declaration on Form-C is required for inward remittances sent by Bangladeshi nationals working abroad up to US$10,000 and its equivalent. To facilitate inward remittance, it has been decided that declaration on Form-C shall not be required for inward remittances up to US$20,000 or its equivalent."

Other instructions in this regard, including electronic declaration, will remain unchanged. "As usual, ADs (authorised dealers) shall comply with due diligence and other regulatory instructions."

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