Business News

ALL NRBS CAN BUY WAGE-EARNERS BOND

All non-resident Bangladeshis, including businesspeople and professionals, are eligible to invest their earning and remittance in buying wage-earners development bond, said law ministry. Bangladesh Bank on Monday in a circular, revealed the law ministry opinion and asked chief executive officers and managing directors of the country’s commercial banks to follow the directives of the ministry in purchasing the bond by NRBs including NBR businesspeople.

Law and Justice Division of the law, justice and parliamentary affairs ministry on July 28 said that all NRBs would be eligible to buy wage-earners development bond by their earnings abroad. The division made the opinion following a request of Internal Resources Division on eligibility of expatriate businesspeople in buying the bond observing confusion over the issue. Referring the Wage-Earners Development Bond Rules-1981, Law and Justice Division said that Bangladeshi nationals gainfully employed abroad and even assuming foreign nationality were considered as wage-earners.

All NRBs, irrespective of their profession, living abroad, earning remittance and sending those into the country will be able to invest their remittance in buying bond. IRD on august 4 requested the Bangladesh Bank to take steps in line with the opinion of the law ministry.

Source: The Financial Express, 20.08.2019

Link: https://thefinancialexpress.com.bd/economy/bangladesh/govt-drafts-policy-to-curb-fdi-in-tobacco-industry-1565930806