Central bank eases money transfer to legal foreign workers
Earlier, the companies used to pay their alien workers in foreign currency. From now on, the payment can be made in Bangladeshi currency as well
From now on, Bangladeshi employers will be able to pay their legally working foreign employees in foreign currency as well as in Bangladeshi currency from their foreign currency accounts and taka accounts.
The central bank's Foreign Exchange Policy Department in a circular issued yesterday said foreigners working legally in various foreign and local companies in Bangladesh can transfer up to 75% of their basic income per month as remittances.
This money is generally transferred from the foreign currency accounts of the employers to similar accounts of their employees.
Earlier, the companies used to pay their alien workers in foreign currency. From now on, the payment can be made in Bangladeshi currency as well.
The circular said this opportunity has been given in response to the request made by the banks for the convenience of their customers.
Before using the taka accounts, banks need to make sure that their customers have enough foreign currency in their foreign currency accounts.
In addition, banks have been asked to confirm whether the employees to whom the money will go have valid work permits.
Mentionable that the exact number of foreigners working in Bangladesh is not known.
A study by the Transparency International Bangladesh in February last year found that the number of foreigners working legally and illegally was at least 2.5 lakh.
Most of them came to Bangladesh on tourist visas and are working illegally without work permits.
About Tk26.5 thousand crore is being siphoned out of the country every year while the amount of revenue evasion is about Tk12,000 crore.
