Recharging receding forex reserves

Expatriates can send higher remittance sans declaration

| Updated: February 24, 2023 21:05:54

Expatriates can send higher remittance sans declaration

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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