Karachi, 31 August 2023:

Bangladesh Deputy High Commission in Karachi arranged a seminar at the Chancery on 31 August 2023 titled: “Seminar to Encourage in Sending of Remittances through Legal Channels”. Around 50 participants including the Mission officials and expatriate Bangladeshis in Pakistan participated at the Seminar.

 In the Seminar on 31 August 2023 at the Chancery Multi-purpose Hall different aspects of remittances with particular focus on the sending of remittances to Bangladesh through legal channels. The ways/modes and importance of sending remittances in legal/formal/banking channels were explained and discussed in details. It was mentioned that few Banks of Pakistan such as Bank Alfalah, Habib Bank, National Bank of Pakistan, United Bank Ltd (UBL), and HSBC have their branches in Bangladesh, which are eligible to remit money smoothly to Bangladesh from Pakistan. There are also designated Money Exchange Companies and agencies like Western Union, which are also eligible to remit money to Bangladesh in legal channels.

Deputy High Commissioner of Bangladesh in Karachi S. M. Mahbubul Alam in his remarks outlined that remittances to Bangladesh are money transfers (remittances) sent by the Bangladeshi diaspora to Bangladesh. He mentioned that there are over 14 million Bangladesh nationals, who have been living in over 185 countries in the world. He further mentioned that aaccording to the World Bank, Bangladesh is the 7th highest recipient of remittances in the world with around $25 billion every year and is the third highest recipient of remittances in South Asia.

Deputy High Commissioner further highlighted that the Bangladesh expatriates /Diaspora have been playing very vital roles for the economy of both of their host countries and that of the Bangladesh.  He attached huge importance that the sending of money in legal channels is also very crucial in preventing money laundering. Deputy High Commissioner briefed that the Government of Bangladesh has introduced 2.5 per cent incentive to encourage foreign remittance to Bangladesh through the formal channels. He emphasized on social awareness among the Bangladesh nationals living overseas in sending remittances through formal channels.

Deputy High Commissioner further highlighted that the Government of Bangladesh has inaugurated the “Universal Pension Scheme” and there is a designated pension scheme namely “Probash Scheme” for the expatriate Bangladesh, who will also receive 2.5 per cent incentive for the remittance sent for the pension scheme.

The participants showed their interest to know more about the pension scheme and to open their pension scheme under the “Universal Pension Scheme” in Bangladesh.