Expatriates care about how much money he will get against 1 dollar when sending money from abroad. They then consider how quickly the money can be sent; Or that process is easy, not difficult. Now there is a big difference between the dollar price in the open market and the price fixed by the central bank. As a result, it is being discussed whether the entire income of the expatriates is coming in the banking channel or not.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Since the dollar exchange rate has been left on the market, banks will now be able to bring in expatriate income at a slightly higher price. It can be expected that positive change in the remittance of expatriate income. Expatriates will now want to send money through banking channels. On the other hand, banks also need dollars – they will also want to buy.
The whole of the 2.5 per cent incentive that is being given by the government to expatriate income is no longer needed. It can be reduced. However, in the process of sending remittances, there may be some time and process complications. That’s probably a maximum of 1 percent incentive.
In this case, in the forthcoming budget, the government may make some structural reforms in the channel for sending remittances. Such as how to further reduce the time of income repatriation. Many expatriates have complained that they have to face many difficulties to send remittances officially. We have to look at how these can be solved. If the remittance is officially sent, the money can be delivered to the expatriate’s house. Such small initiatives will encourage expatriates to send remittances legally.
In addition, the budget can be clarified – what will be the service for expatriates at the airport, the process of getting their passports, what will be the procedure for hiring a taxi after coming to the country, etc. There should be a government system to monitor whether they are getting these facilities properly. Because, we have a lot to plan here. But it is not implemented.
The departments of the government which are concerned with the service of expatriates should be held accountable. Above all, we need to think differently about our overall attitude towards expatriates. What matters is how we deal with them. In this case, the expatriates also have to cooperate from their side.
In addition, there are many expatriates, who may not understand the necessary documents well. Not able to fill out the forms properly. They need to cooperate with importance. In no way can it be trivialized or neglected. If the overall management can be changed, it is hoped that expatriates will become more responsible. And that will have an impact on manpower exports, including expatriate income.