A file picture reveals incoming passengers being checked with a hand-held scanner on the Hazrat Shahjalal Worldwide Airport within the capital amid the worldwide coronavirus outbreak. The Bangladesh Bank on Sunday issued pointers, asking the nation’s scheduled banks to introduce deposit merchandise within the taka for non-resident Bangladeshis with a view to encouraging the NRBs to avoid wasting their cash within the nation. — New Age picture
The Bangladesh Bank on Sunday issued pointers, asking the nation’s scheduled banks to introduce deposit merchandise within the taka for non-resident Bangladeshis with a view to encouraging the NRBs to avoid wasting their cash within the nation.
The central bank issued a round on this regard on the day mentioning that the banks could be allowed to introduce deposit merchandise for the NRBs together with facilitating them to function non-resident taka account and international forex account.
An official of central bank stated that the initiative could be of assist to create security web for the NRBs in Bangladesh.
They might not face monetary difficulties on their everlasting return to Bangladesh, the BB official stated.
The initiative of the central bank got here at a time when many expatriates had been returning to the nation after shedding their jobs because of the financial woes in lots of the job locations of the nation’s migrants because of the world coronavirus outbreak.
In keeping with residence affairs ministry information, 4.5 lakh expatriates returned residence earlier than the restrictions on worldwide journey had been imposed whereas the migration from Bangladesh plunged within the first half of the 12 months 2020.
Permitting NRBs to open deposit accounts would additionally encourage the expatriates to ship extra money to the nation. Amid dismal export earnings and slowdown in financial actions, influx of remittance has introduced some cheers for the nation with the influx hitting file $2.59 billion in July this 12 months.
Sunday’s BB pointers on permitting banks to open deposit accounts for the NRBs stated that the merchandise could be within the type of financial savings for a interval of 1 12 months and above with month-to-month or quarterly deposit choices.
The round stated that the deposit accounts could be credited within the taka after conversion of international forex, it stated.
The conversion within the taka could be made in opposition to the wage remittance channelled by way of banks or exchange homes overseas.
The individuals who’re going aboard for employment may also be allowed to open the accounts with out deposit. Banks had been requested to offer aggressive curiosity or revenue in opposition to the deposit merchandise.
Being the supply of deposits in international forex, the round requested the banks to encourage the NRBs with incentive in curiosity or revenue.
Banks had been allowed to increase loans to non-resident account-holder for assembly his/her private necessities within the taka in opposition to the safety of the deposit account upon fulfilment of traditional lending norms.
On maturity, the bank should pay the proceeds of the deposits together with curiosity or revenue to the beneficiaries or nominees of the accounts.
On the need of the account-holders residing overseas, the proceeds of the accounts on maturity may be credited to curiosity or revenue bearing mounted deposit accounts to be opened of their names.
In case of NRBs residing in Bangladesh completely after their return, the proceeds may be made obtainable to them both in one-time settlement or pension-type month-to-month or quarterly settlement. The NRBs can proceed to take care of the deposits from native sources after their arrival.
The round included an choice to repatriate funds overseas from the balances held within the deposits on maturity or earlier than maturity for assembly subsistent wants on the BB permission.