Thursday, October 1, 2020 | ePaper

BB to introduce deposit scheme in local banks for expatriates

  • Print
Economic Reporter :
The central bank is going to introduce a facility under which Bangladeshi expatriates will be able to open deposit accounts in any banks in Bangladesh.
The deposit scheme will be in the form of savings for a period of one year or above with monthly or quarterly deposit options. Foreign currency will be converted into taka in the accounts.
The Bangladesh Bank is preparing a circular in this regard, which will be issued soon, so that expatriates do not face financial problems after they return home permanently, according to officials of the bank.
An official of the central bank, seeking anonymity, said, "After the circular is issued, expatriates will be able to open deposit accounts in any bank in Bangladesh. Expatriates will have to deposit foreign currency in their accounts through banks or money exchange houses abroad, and the foreign currency will be converted to taka in the accounts in Bangladesh. If they come to the country on a temporary visit, they can deposit foreign currency to their accounts directly after filling up the Money and Jewelry (FMJ) Form of the banks concerned."
The initiative would help create a safety net for non-resident Bangladeshis, added the official.
Banks will be asked to provide competitive interest or profit on the deposits.
Besides, the central bank will ask all the banks to encourage the expatriates with incentives.
Non-resident Bangladeshis will be able to open the accounts without any instalment for the persons proceeding abroad for employment. Banks will be allowed to give loans in taka to non-resident account-holders for meeting their personal requirements against the security of the deposit accounts following usual lending norms.
On maturity, authorized dealers (branches of the banks concerned which deal with foreign currency) will pay the deposited money with interest to the beneficiaries or nominees of the accounts.
If the account holders want to open fixed deposit accounts with the money after the maturity of their deposit accounts, they will be able to do so.
In case they start living in Bangladesh permanently after their return, the deposited money can be made available to them either in a one-time settlement or in monthly or quarterly settlements like a pension.
The account holders can continue contributing to the deposit accounts from local earning sources after their arrival.

The circular will also include an option to send back the deposited money with interest after maturity to the account holders abroad with permission from the Bangladesh Bank.

Dr Tasneem Siddique, chairperson of the Refugee and Migratory Movement Research Unit, hailed the initiative and said that it would help expatriates meet their future needs after they return home.

"This initiative will be helpful for expatriates, especially those from the low-income group," she added.

Recently the flow of remittance has increased. In July this year, Bangladesh received $2.60 billion in remittance. The monthly inflow of remittance hit an all-time high in this month.

However, experts do not see any hope despite the increased flow of remittance because a significant number of migrant workers may come back home permanently because of the Covid-19 pandemic.

According to the Brac Migration Programme, around 2.5 lakh migrants have returned home from different countries amid the pandemic.

More News For this Category

Eva Rezwana, along with Nazrul Islam Sarker, Amdadul Haque Sarker, Deputy Managing Directors of Walton, addressing at a press conference marking the 'Declaration Programme of Digital Campaign Season-8' held at the Walton Corporate Office in the city on Wednesday. Amdadul Haque Sarker, Executive Director, Md. Humayun Kabir, Uday Hakim, Ariful Ambia and Amin Khan, Executive Directors and Md Firoj Alam, Deputy Executive Director of the company, were also present.

Eva Rezwana, along with Nazrul Islam Sarker, Amdadul Haque Sarker, Deputy Managing Directors of Walton, addressing at a press conference marking the 'Declaration Programme of Digital Campaign Season-8' held at the Walton Corporate Office in the city on Wednesday. Amdadul Haque Sarker, Executive Director, Md. Humayun Kabir, Uday Hakim, Ariful Ambia and Amin Khan, Executive Directors and Md Firoj Alam, Deputy Executive Director of the company, were also present.

.

US Treasury says loan deal reached with seven airlines amid crisis

AFP, Washington :The US Treasury on Tuesday announced it had reached a deal with seven major US airlines including American and United to offer them loans in a bid

Govt to procure 30,000 MT bagged urea, 50,000 MT bulk urea fertilizer

BSS, Dhaka :The Cabinet Committee on Government Purchase (CCGP) on Wednesday approved three separate proposals to procure some 30,000 metric tons of bagged granular urea fertilizer and 50,000 metric

5th Cotton Day held in city

Business Desk :COTTON USA arranged a virtual seminar on 5th Cotton Day- Bangladesh on Tuesday.  Cotton Council International (CCI) introduced Cotton Day in 2016 in Bangladesh to celebrate US

Mercantile Insurance approved 7pc cash dividend: Mercantile Insurance Company Limited approved 7 percent cash dividend for the year ended 31 December, 2019 for all shareholders. The 24th Annual General Meeting (AGM) of the company held recently through virtually and took the decision. M Kamal Uddin, Chairman of the company presided over the meeting while Md. Nabi Ullah, Vice-Chairman, Md. Nurul Amin, Executive Committee Chairman, Md. shah Alam, NRC Chairman, Abdul Haque, Md. Sirajul Islam, Dr. Md. Mizanur Rahman, Abdul Mannan Mazumder, M. Nasir Uddin, Nurul Azim Sunny, Directors and Firoz Ahmed, Chief Executive Officer, share holders and senior officers of the company were also present, said a press release.

Mercantile Insurance approved 7pc cash dividend: Mercantile Insurance Company Limited approved 7 percent cash dividend for the year ended 31 December, 2019 for all shareholders. The 24th Annual General Meeting (AGM) of the company held recently through virtually and took the decision. M Kamal Uddin, Chairman of the company presided over the meeting while Md. Nabi Ullah, Vice-Chairman, Md. Nurul Amin, Executive Committee Chairman, Md. shah Alam, NRC Chairman, Abdul Haque, Md. Sirajul Islam, Dr. Md. Mizanur Rahman, Abdul Mannan Mazumder, M. Nasir Uddin, Nurul Azim Sunny, Directors and Firoz Ahmed, Chief Executive Officer, share holders and senior officers of the company were also present, said a press release.

.

Integrated policy to be adopted to address problems of CMSMEs: Humayun

Business Desk :Industries Minister Nurul Majid Mahmud Humayun on Wednesday said that an integrated policy will be adopted to address the problems of cottage, micro, small and medium enterprises

UFIL approved 20pc dividend: Uttara Finance and Investments Limited approved 15percent cash and 5percent stock dividend for the year 2019. The declaration came up at its 25thAnnual General Meeting (AGM) held on Wednesday through digital platform and the shareholders unanimously approved the dividends, said a press release. Total business exposure of the company stands at Tk. 26,343.87 million in 2019 as against Tk. 23,642.12million in 2018. Operating revenue of the company stands at Tk. 4,607.01 million in 2019 as against Tk. 5,012.13million in 2018. Rashidul Hasan, Chairman,  Matiur Rahman, Vice-Chairman, Mujibur Rahman, Mehdadur Rahman, Zakia Rahman, Kazi Imdad Hossain, Nayeemur Rahman, Directors, AS Jahir Muhammad, Independent Director, S. M. Shamsul Arefin, Managing Director and Md. Jakir Hossain Company Secretary, were also present in the meeting. Managing Director gave a brief description regarding activities during COVID pandemic situation and future plans of the company.

UFIL approved 20pc dividend: Uttara Finance and Investments Limited approved 15percent cash and 5percent stock dividend for the year 2019. The declaration came up at its 25thAnnual General Meeting (AGM) held on Wednesday through digital platform and the shareholders unanimously approved the dividends, said a press release. Total business exposure of the company stands at Tk. 26,343.87 million in 2019 as against Tk. 23,642.12million in 2018. Operating revenue of the company stands at Tk. 4,607.01 million in 2019 as against Tk. 5,012.13million in 2018. Rashidul Hasan, Chairman, Matiur Rahman, Vice-Chairman, Mujibur Rahman, Mehdadur Rahman, Zakia Rahman, Kazi Imdad Hossain, Nayeemur Rahman, Directors, AS Jahir Muhammad, Independent Director, S. M. Shamsul Arefin, Managing Director and Md. Jakir Hossain Company Secretary, were also present in the meeting. Managing Director gave a brief description regarding activities during COVID pandemic situation and future plans of the company.

.

NIIL gets top bosses

NIIL gets top bosses

Business Desk :SM Ayub Ali Chowdhury and Md. Sarwar Salim have been elected as the Chairman and Vice Chairman of Northern Islami Insurance Limited respectively in a meeting of

Md. Mahbub ul Alam, Managing Director and CEO of Islami Bank Bangladesh Limited, inaugurating its Bheramara in Kushtia, Khulshi in Chattogram, Kalai in Joypurhat and Ashulia in Dhaka branch on Tuesday at through virtual platform. Mohammed Monirul Moula, Muhammad Qaisar Ali, Md. Omar Faruk Khan, AMDs, Md. Mosharraf Hossain, DMD, head office executives and local dignitaries also participated.

Md. Mahbub ul Alam, Managing Director and CEO of Islami Bank Bangladesh Limited, inaugurating its Bheramara in Kushtia, Khulshi in Chattogram, Kalai in Joypurhat and Ashulia in Dhaka branch on Tuesday at through virtual platform. Mohammed Monirul Moula, Muhammad Qaisar Ali, Md. Omar Faruk Khan, AMDs, Md. Mosharraf Hossain, DMD, head office executives and local dignitaries also participated.

.

Stocks fall as investors grab profit

Stocks fall as investors grab profit

Economic Reporter :Stocks witnessed a downward trend in early hours of trading on Wednesday as risk-averse investors opted for booking profit on quick-gaining stocks.Following the previous day's modest correction,