Jumbangla Desk: Even though remittances are in decline, up to now about one hundred million dollars of expatriate income has come to Hundi. With such information, bankers say that if this illegal route is stopped, expatriate income will double. Meanwhile, Money Changers Association claims that they are not involved in illegal business like hundi.

In the first 7 months of this year, the income of expatriates in the country is slightly more than 2 billion. But in September, expatriate income increased by 50 million to almost 2.5 billion dollars.

The economist Dr. Abdur Razzak said, in this changed situation, irregularities and corruption have decreased, which is affecting everywhere. Expatriates are also sending remittances through legal channels.

If the hundi is stopped, the expatriate income will double within a month, economists said. Abdur Razzak said that expatriates who send remittances legally can be given various incentives including low interest loans. It will increase the amount of expatriate income.

Ramuru, a research organization working with expatriates, claims that 40-45 percent of remittances in the country come in hundi. Bankers also say that more or less 100 million dollars a month comes through this illegal means.

Syed Mahbubur Rahman, managing director and chief executive of Mutual Trust Bank Plc, said that as the dollar rate and the hundi rate are close, expatriates feel comfortable sending money through banking channels. Remittances will increase if hundi is stopped.

Claiming that the money changers are not involved in the hundi business, association president SM Zaman says that they are making a turnover of 5.6 lakh dollars every month. It does not involve dollars entering and exiting the bank; Rather, they are providing dollars.

However, when asked how it is possible to stop hundi, expatriates say that if remittances are to be increased legally, the whole system must be expatriate-friendly; Increase the amount of incentives; The process should be simplified.

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Keeping in mind the expectations of expatriates, some banks are taking various initiatives. Managing Director of Social Islami Bank Plc Muhammad Forkanullah said, initiatives can be taken to deliver the money of expatriates door to door by banning hundi.

In addition to incentives, some banks are also thinking of giving loans to remittance warriors for their needs.