Karachi, 24 April 2024:

Bangladesh Deputy High Commission in Karachi arranged a seminar at the Chancery on 24 April 2024 titled: “Seminar on Sending of Remittances through Legal Channels”. Around 100 participants including the Mission officials and expatriate Bangladeshis in Pakistan participated at the Seminar.

In the seminar on 24 April 2024 different aspects of remittances were discussed 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. Few remitters and businesspersons also shared their own practical and positive experiences in sending the remittances to Bangladesh through legal channels.

It was mentioned that there are few Banks of Pakistan such as Bank Alfalah, Habib Bank Ltd (HBL), National Bank of Pakistan (NBP), 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 the importance of remittances to Bangladesh sent by the Bangladeshi diaspora to Bangladesh. He mentioned that there are over 15 million Bangladesh nationals, who have been living in over 180 countries in the world and through the remittances they send to Bangladesh have been contributing vital role for the economy of Bangladesh. He further mentioned that aaccording to the World Bank, Bangladesh was the 7th highest recipient of remittances in the world with almost $25 billion annually and was 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 their host countries and vis-à-vis Bangladesh.  Remittances are very vital in improving people’s living standards, enhancing foreign exchange reserve, advancing the country’s economy, ensuring better education and health services, and creating employment opportunities in Bangladesh. He also emphasized that the sending of money in legal channels is also very crucial in preventing money laundering.

Deputy High Commissioner highlighted that briefed that the Government of Bangladesh has introduced 2 per cent incentive, which was increased to 2.5% on 1 January 2022 and to 5% from October 2023 against each remittance to encourage the remitters to remit more of their hard-earned money to Bangladesh and also to encourage the remittance channelling through the formal channels.

Deputy High Commissioner highlighted the benefits of using safe and legal channels for sending remittances, as well as ways to optimize the benefits of remittances by motivating households to save, invest and utilize them in a productive way. He also mentioned that remitting through legal channels reduce risks and optimize the benefits of remittances, both at the micro and macro levels. He emphasized on social awareness among the Bangladesh nationals living overseas in sending remittances through formal channels. Deputy High Commissioner assured them of possible supports from the Mission in building social awareness among Bangladesh nationals living/working in Pakistan to remit money to Bangladesh though formal/legal channels.

Deputy High Commissioner S. M. Mahbubul Alam emphasized that Bangladesh is a ‘Role Model of Socio-Economic Developments’ in the world and Bangladesh has an impressive image in the international community. The Diplomatic Mission as well as the Bangladesh community in Pakistan have significant role in enhancing Bangladesh’s image in Pakistan and sending remittances to Bangladesh through legal channels will also contribute to enhance Bangladesh’s image overseas.