NRB CIPs to triple from this year for attracting more remittance

The government will increase the number of Commercially Important Person (CIP) status of non-resident Bangladeshis (NRBs) nearly threefold from this year to encourage the expatriates to send more remittances.

The CIP status is given to NRBs for their outstanding contributions to the country's economy. Currently, 35 NRBs are enjoying the CIP status.

The Ministry of Expatriates' Welfare and Overseas Employment (MEWOE) issued a circular on January 10 and sent it to all Bangladeshi embassies and high commissions for distribution of the information among expatriates, reports UNB.

This year, the government will award CIP status to five highest NRB investors, 75 highest remittance senders and top 10 importers of Bangladeshi products.

"The government has decided to increase the number to inspire more people to send higher remittances through legal channel," MEWOE Additional Secretary Munirus Saleheen said.

Last year, a World Bank report said Bangladesh was the ninth highest recipient of remittances in 2018 with $15.9 billion. In South Asia, the country came in third after India ($79.5b) and Pakistan ($20.9b).

Any NRB who has sent at least $1,00,000 to Bangladesh in the 2017-18 fiscal year can apply for CIP status, he said. Previously, one needed to remit $2,00,000 to be eligible for application.

Criteria for the other two categories - investor and importer - will remain unchanged.

The NRBs who have directly invested money equivalent to $3,00,000 in the industry sector and those who imported Bangladeshi goods worth $3,00,000 in 2017-18, are eligible to apply for the CIP status, said Saleheen.

Guidelines for application are available atwww.probashi.gov.bd. One has to applywith necessary documents either directly to MEWOE or at the concerned Bangladesh missions by February 15 this year.

Replying to a question, Saleheen said the government would announce names of 35 NRB CIPs for the 2016-17 fiscal within June.

Of the NRB CIPs announced last year, 29 were given the status for remitting the highest amount of foreign currencies and another six for importing Bangladesh goods for the year 2015-16.

CIP (NRB) cardholders are entitled to a number of facilities for one year from the day of the issuance of gazette. They get reserved seats in government airlines, trains, buses and water vessels for business-related visits, while their spouses and children also get priority in getting cabin facilities at government hospitals for medical treatment.

CIP cardholders can use VIP lounges and receive special luggage handling facilities at airports. They also get special treatment in meeting high officials at home and abroad.