Remittances have undeniably a profound impact on the current economic progress of Bangladesh. Now, Bangladesh is no longer viewed as a bottomless basket but an emerging tiger in the Asian region. Considering the importance of remittances, the government of Bangladesh (GoB) has introduced various investment schemes such as Wage Earners Development Bond, US Dollar Premium Bond, and US Dollar Investment Bond for NRBs back in 1985 with the enactment of the Wage Earners Development Bond Rule, 1985. Some of the salient features of these investment securities were reinvesting the security after maturity, returning capital abroad, and providing CIP status to those who would invest Tk. 80 million. The GoB also introduced 2% cash incentives on the remittance amount to encourage remittances through the banking channel. These initiatives have undoubtedly motivated non-resident Bangladeshis (NRBs) to remit their hard-earned money in Bangladesh and become a partner of economic progress. However, a recent circular in December 2020 has lowered the investment limit in Wage Earners Development Bond, US Dollar Premium Bond, and US Dollar Investment Bond to Tk. 1 crore, in total, scrapped CIP status and ceased reinvestment facilities. Notably, NRBs who invest in the above securities do not receive the 2% cash incentives. Also, some positions such as professors and researchers working in a foreign university, government employees working in Bangladesh High Commissions and United Nations, and Bangladesh army deployed in UN peacekeeping missions do not receive any preferential treatment although they are considered as the most decent people who work hard to uphold the country image in abroad. More importantly, the situation of earnings and investing by Bangladeshi migrants, especially in Japan, Singapore, Malaysia, and some other Middle East countries, is different from that in other countries in the West. Migrant workers in the USA, Canada, Australia, and the UK seek citizenship and make their investments in fixed assets, in particular. However, double citizenship is not allowed in Japan, and we invest all our earnings in Bangladesh. Therefore, Bangladeshi citizens who uphold the country’s image holding an honorable position in Japan should be given special opportunities such as increasing investment limit, reinvestment of the matured securities, and repatriation of the original investment during emergencies. We believe that an encouraging policy on the investment for NRBs is needed considering the increased cost of living, social and economic security for the families of NRBs in Bangladesh, motivate NRBs by professions, and curb capital flights. Therefore, we urge the government to cease the present circular on the investment in Wage Earners Development Bond, US Dollar Premium Bond, and US Dollar Investment Bond. We have the following suggestions in this regard.   

1. The investment made in wage earners bond and other securities prior to the circular on December 21, 2020, should be given reinvestment opportunities to prevent capital flights.  
2. Some positions such as Professors and researchers working in a foreign university, government employees working in Bangladesh High Commission and United Nations, and Bangladesh army deployed in UN peacekeeping missions should be treated separately by increasing the investment limit and provide CIP status for them, as they work hard to uphold Bangladesh image in abroad.
3. The combined investment limit for all the three securities, such as Wage Earners Development Bond, US Dollar Premium Bond, and US Dollar Investment Bond, may be limited to Tk. 8 crores to restore the previous CIP status. Furthermore, a particular scheme in investment can be introduced for NRBs serving in the honorable position in Japan, considering that Japan does not allow double citizenship, and there are many Bangladeshis who do not like to forgo Bangladesh citizenship.  
4. Lower the interest rate on the above three investment securities and limit the investment made in Wage Earners Development Bond to Tk. 5 crores.