Expatriates free to invest any amount in wage earner bonds
Staff Reporter :
The government has removed the investment ceiling for expatriate Bangladeshi workers on US Dollar Premium Bonds and US Dollar Investment Bonds under the Wage Earner Development Bonds, and has also rationalised the automatic reinvestment facility.
The Internal Resources Division issued a notification on Sunday, allowing non-resident Bangladeshi mariners, pilots, and cabin crew working in foreign-owned shipping or airline companies abroad to invest in wage-earner bonds. Syed Mumen, Public Relations Officer of the National Board of Revenue (NBR), confirmed the update.
The notification also addresses the quarterly profit payment on pensioner savings certificates for pensioners’ convenience. Rather than monthly payments, the new provision will take effect on 1 December.
According to Mumen, there will no longer be an upper limit on investment in the Wage Earner Development Bond, allowing non-resident Bangladeshis to invest any amount. Additionally, for Family Savings Bonds, Pensioner Savings Bonds, Quarterly Profit-Based Savings Bonds, Wage Earner Development Bonds, US Dollar Premium Bonds, and US Dollar Investment Bonds under the National Savings Scheme, the invested principal can now be automatically reinvested.
Moreover, five-year Bangladesh Savings Certificates and Post Office Savings Bank-Term Accounts will benefit from reinvestment of both the principal and profit.
Regarding investment in Wage Earner Development Bonds, once remittances are brought in correctly, an initial investment may be made, followed by reinvestment in two further periods, allowing for a total investment period of 15 years, stated Syed Mumen.
The removal of the investment ceiling on Wage Earner Development Bonds, US Dollar Premium Bonds, and US Dollar Investment Bonds under the National Savings Scheme, along with the automatic reinvestment facility for savings bonds, will enable all expatriate Bangladeshis -including mariners, pilots, and cabin crew – to invest more foreign exchange in Bangladesh.
This measure is expected to boost Bangladesh’s economic development by ensuring the proper flow and investment of remittances into the country.