The government has removed the highest investment limit of the wage earner bond in order to encourage non-resident Bangladeshis (NRBs) to send more foreign currencies to the country facing forex shortage for more than two and half years.
With the removal of the cap, there is no ceiling of investment in any bonds issued by the government to enable NRBs to park their funds in the country.
"NRBs and migrants would be able to invest as much as they want," said the Internal Resources Division in a press release on Sunday.
Before removal of the restriction, Bangladeshis staying abroad could invest up to Tk 1 crore in the wage earner development bond. The government offers 12 percent interest on the 5-year tenure bond.
The IRD said it has also rationalised the auto reinvestment opportunity of the bond. The government issued a gazette also keeping scope for NRBs working abroad at the foreign shipping companies and airlines.
The notification will become effective from December 1 this year, said the statement.
The IRD said remittance brought into the country through proper channels could be invested for 15 years: initial investment for five years and a renewal scope for the next two tenures.
Bangladeshis living abroad can also reinvest the funds they invested in the US dollar premium bond and US dollar investment bond for 15-year in a row: initial investment for three years and reinvestment opportunity for four times.
