Bangladesh Bank has relaxed procedure for inflow of remittance up to $5,000 to strengthen the foreign exchange reserve, said central bank officials.
The BB on Sunday said that from now on receiver of any remittance up to $5,000 or equivalent other foreign currencies need not fill-up declaration form (or Form C).
The BB issued a circular on Sunday to all authorised dealer banks informing them about the new limit.
Earlier, receiver of remittances (other than the remittances sent by Bangladeshi nationals working abroad) up to $2,000 or equivalent other foreign currencies had to fill-up the declaration form.
An official of the BB told New Age on Sunday that in the Form C, the remittance receivers are supposed to state details description on who, from which country, and why the money is sent.
‘Earlier, any receiver who got remittance from any Bangladeshi working abroad needed not to fill up the Form C for any amount. But receiver of remittances from foreign sources needed to fill up the Form C for the amount above $2,000. Now the limit is $5,000,’ he explained.
‘The new provision would help the people engaged in outsourcing services and the country’s foreign exchange reserve,’ he said.
BB data showed that remittance inflow had increased by 10.26 per cent to $12.84 billion in the last financial year from that of the FY 2010-11.
Another BB official said the forex reserve of the central bank had been facing a severe pressure for the last seven to eight months due to a downtrend in export earning amid economic crisis in Europe and USA.