Ministry of Foreign Affairs and External Trade RGOB
In a bid to encourage remittance inflows, the Royal Monetary Authority is pleased to announce the launch of a cash incentive scheme for Bhutanese who live, work, or study overseas. The scheme is being introduced in recognition of the significant role that remittance inflows can play in enhancing foreign currency reserves and in promoting savings and investment.
The incentive is being made available exclusively to Bhutanese overseas to offset the transaction costs while remitting money to their personal accounts or to their family members in Bhutan.
As per this scheme, the beneficiaries will receive a cash incentive of 1% (one percent) upon converting the remitted amount into Ngultrum using the prevailing/applicable exchange rates through the banking channel and the international money transfer operators. However, the incentive shall not be applicable for the remittances received for the purpose of foreign direct investments, donations, and trade, including remittances received in favour of non-governmental organizations, civil societies, and companies.
Additionally, the Authority is developing an easy remittance corridor with ‘Visa Direct’ and other innovative remittance platforms for a faster and cost-effective solution to meet the needs of Bhutanese abroad.
The scheme will be piloted for a period of one year from 1st June 2021 till 31st May 2022.
For more information, please visit www.remitbhutan.bt/www.rma.org.bt or contact the Foreign Exchange Department and/or IT of the Royal Monetary Authority of Bhutan at +975- 02-.323903/ fed@rma.org.bt
