Launch of Revamped Incentive on Inward Remittance Scheme

In continuation to the Incentive on Remittance Scheme, launched in May 2021, the RMA is pleased to announce the launch of the Revamped 10 percent Incentive on Inward Remittance Scheme. The Incentive eligible under this scheme has been revamped and enhanced from 2 percent to 10 percent in recognition of the significant contributions of the incentive scheme in boosting the remittance inflow and the foreign currency reserves; and promoting savings and investments since May 2021. The enhanced incentive amount will be facilitated by commercial banks and money transfer operators and to ensure ease of understanding, the 10 percent incentive will be facilitated as an additional value on the prevailing exchange rate receivable by nonresident Bhutanese at the time of conversion of their remittances into Ngultrum.

The incentive will continue to be made available exclusively to Bhutanese who live and work overseas to offset the transaction costs while sending money to their personal accounts or to their family members in Bhutan.

The beneficiaries will receive the enhanced incentive amount upon converting the remitted amount into Bhutanese Ngultrum using the prevailing exchange rates through the banking channels 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 society organizations and companies.

The scheme will be in effect from June 14, 2023 till December 31, 2023.