In recognition of the significant role that foreign currency inward remittance can play in enhancing foreign currency reserves and in promoting savings and investments, Bank of Bhutan will facilitate the payment of 2% incentive on convertible currency transferred to Bhutan through Foreign Banks and Money Transfer Operators (MTO).
This incentive shall be in force for a period of 1 Year beginning 1st January, 2023 till 31st December, 2023.
- The incentive is applicable to any Bhutanese citizens currently residing overseas for employment, studies, for carrying out business or vocation outside Bhutan.
A. The incentive shall not be applicable against the following fund transfer purposes:
- Foreign Direct Investment
- Trade and Business Activities
- NGO/ CSO and International Organization fund transfers
B. The incentive shall not be applicable if the beneficiary is other than an individual.
TERMS AND CONDITIONS
- Bhutanese residing abroad and sending convertible currency through formal channels to resident Bhutanese gets 2% cash incentive (paid to the beneficiary) in Ngultrum during cash payout or account deposits.
- Incentive is paid only upon conversion of convertible currency into Ngultrum.
- Beneficiaries under this scheme have to submit the required documents to Bank of Bhutan within 20 working days from the date of receipt of remittance to claim the incentive.
- The remitter has to ensure that his/her identification details (CID Number and Name) are reflected on the Bank’s remittance instruction at the time of remittance.
ACCEPTABLE CONVERTIBLE CURRENCY
Convertible currency consist of foreign currency denominated in:
- Australian Dollar
- Canadian Dollar
- Danish Kroner
- Hong Kong Dollar
- Japanese Yen
- Norwegian Krone
- Singapore Dollar
- Swedish Krona
- Swiss Franc
- United Kingdom Pound Sterling
- US Dollar
The beneficiary needs to submit the following documents at the time of payment of the incentive amount:
A. If the Beneficiary is in Bhutan:
- Proof of Bhutanese Citizenship of Beneficiary claiming the incentive (Resident Bhutanese):
- Proof of residency overseas of the Non-Resident Bhutanese (NRB)/ Proof of NRB status: Visa Copy or phone bill or electricity bill or letter from Bhutanese Foreign Mission/ Embassy etc.
B. If the beneficiary is the same person and residing overseas:
- Submit the above documents via email ([email protected]) to the Bank to claim the incentive.
INCENTIVE CLAIM PROCESS
- Bhutanese Residing Abroad sends Money from Authorized Money Transfer Agency or Banks.
- Bank of Bhutan receives the Money in convertible currency.
- Beneficiary comes to claim the money with reference number and claims the money by filling up the form.
- Bank obtains all the required documents from beneficiary.
- Money gets deposited in the account of beneficiary/paid in cash.