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Expatriates prefer to remit money through hundi

Formal channel time-consuming, costs too high

Star Business Report
The non-resident Bangla-deshis(NRBs) living in Britain prefer to send home their money through the Informal channel, popularly known as hundi. as the legal procedure is too cumbersome. timeconsuming and costs too high, said Bangladesh-British Chamber of Commerce (BBCC).
“Nowadays, it has become more difficult for the NRBs to send money through the formal channel. So. people prefer to send money through the informal channel as the process is quicker and less costly." said A Samad Chowdhury, the Regional President of BBCC.
Chowdhury’ was speaking at a meeting between the members of the" Federation of Bangladesh Chambers of Commerce and Industry' (FBCC1) and BBCC at the Federation Bhaban in the city yesterday. FBCCI President Abdul Awal Mintoo chaired the meeting.
Executive Chairman of the
Board of Investment (BOI) M Mokammel Huq explained the problems and prospects of Investment in Bangladesh to the BBCC members.
Executive committee members of FBCCI Abdul Haq. Dewan Sultan Ahmed. Abu Alam Chowdhury and Golam Dasta-gir Gazi and BBCC members Ba-floor Rahsid. Mahmudur Rashid. FI Azad All. Abdus Malek and Jamaluddin Mokaddar also spoke on the occasion.
Later, talking to the Daily Star. Regional President of BBCC Samad Chowdhury said the volume of hundi recently increased by 70 to 80 per cent.
Chowdhury said the NRBs do not get any support from any quarter when they plan to invest in the country. “Rather, the government functionaries work as insurmountable obstacles in their way."
He also alleged that the NRBs have to heavily bribe different
government departments to get their Jobs done.
“The trouble for an NRB starts right from the airport The way the customs and other officials treat the NRBs discourages them to come back to their home ground," he said.
Assuring all possible help from the BOI. its Executive Chairman Mokammel Huq said an NRB cell would be opened at BOI this month to facilitate their Investment in the country.
Giving the registration figures of foreign and local investment proposals. Mokam-mei said almost 80 per cent of the local investment proposals are Implemented and the Implementation rate of foreign Investment proposals is about 50 per cent.
“We are still not happy with the implementation rate. We are restructuring the BOI so that it can work as a real facilitator to private investment and play
the catalyst's role In attracting foreign direct investment." lie said.
Referring to the major role ol expatriates played In the development of the Southeast Aslan countries, the FBCCI President urged the members of BBCC to come up with Investment proposals hi a bigger way and encourage the foreign investors.
Mentioning that there are scopes to get Jobs in restaurants In UK, BBCC President Samad Chowdhury urged the government to set up an institution to train the local people in catering services.
"The Bangladeshi entrepreneurs are a dominant force in restaurant business in London with yearly turnover of about three billion pound sterling. We can provide about 20.000 Jobs to the Bangladeshis which are now vacant if the government provides proper training in this field," he said.