About 49 per cent of the remittance arrives in the country through illegal channels as the expatriate workers prefer sending money in informal ways for its faster, cheaper, more profiting and tax-free.
In this reality, various facilities have to be ensured for expatriate workers in the banking channels to increase remittance flow through formal channels.
SANEM chairman Bazlul Haque Khondker said this while presenting the key note paper at a seminar titled ‘Measures to increase remittance flow through legal ways easily and securely via digital medium’. The seminar was organised by Economic Reporters Forum (ERF).
The government provides 2.5 per cent incentive for sending remittance through the legal channels.
The chief guest of the programme, planning minister MA Mannan, however questioned whether money is being siphoned off to expatriates through Hundi and that same money is being sent back to the country through the formal channels for the sake of incentive.
ERF chairman Sharmin Rinvi presided over the seminar.
Among others, executive director of private research organisation Policy Research Institute (PRI) Ahsan H Mansur, chairman of Policy Exchange Masrur Reaz and managing director of Islami Bank Muhammad Munirul Maula were present at the seminar.
Meanwhile, chief external and corporate affairs officer of bKash limited Sheikh Md Monirul Islam, former executive director of Bangladesh Bank Md Iskandar Mia, researcher Khandkar Sakhawat Ali and professor of economics at Jahangirnagar University Shormindo Nilormi also took part in it.
PRI executive director Ahsan H Mansur advised on raising digital knowledge among expatriate workers to increase remittance flow. This will encourage them to send money through the banking channels, he said.