Remittance is the lifeline to sustain the country’s economy. The government is offering various initiatives and incentives to increase the flow of remittances and bring remittances into the country through legitimate channels. But the hundi rate is higher than the incentives despite the temporary increase in remittance flows with the incentives. So still a lot of remittances are coming through Hundi. We are tired of convincing people not to trade in hundi and the bad effects of hundi. Many times I have received threats from identified hundi traders for not depositing hundi money at the counter.

As a banker, I have come to know some of the thoughts of expatriates or remitters due to working in the remittance desk for a long time. Even if the government gives more incentives, it doesn’t seem to work much. Because, hundi traders will give more profit than that, give opportunity. We are the only people who are concerned about the future. If the government can provide future security to the remitters, the hundi will almost stop. For example, those of us who work in government banks, their salaries are much less than private bankers. Still, why so many lines for government jobs! Because future security. Pension, provident fund, social status—we are discounting present profit for future as compared to private banks.

Similarly if the government introduces pension allowance/special allowance based on remittances of remitters, then a remitter will not transact hundi thinking about future security. For example, if the government provides a framework that the more remittances a remitter sends to the country through legal channels, the higher the pension allowance he will get when he moves to the country in the future. How many years the remittance should come, what the amount will be, the conditions can be fixed. An outline can be formulated in joint coordination between Ministry of Expatriate Welfare and Ministry of Finance.

Our diaspora siblings are not asking for much; Today they are diaspora to keep the wheels of the country’s economy moving. They send their hard-earned remittances from thousands of miles away from their beloved family – relatives, wives, children. They want some respect. Let someone greet them at the airport with a smile, help them with a hassle-free arrival and departure with good behavior. Many times they don’t get the job they expected by selling all their possessions or going abroad with the curse of debt; Send money to the beloved country with inhuman suffering and hard work.

Even if you have many problems abroad, you do not get much help from the embassies of our country. Many expatriate brothers have no choice but to beg when they are caught and come back to the country. He can’t look into the eyes of his wife and children, can’t go out for fear of creditors, can’t even drive a rickshaw for fear of respect! This situation is for our financial system. The state could not guarantee him that he would earn his money. If an expatriate wants to come to the country and start his own business, he has to face many problems. So the government should guarantee unsecured bank loans for them when they move to the country. Arrange for compensation through appropriate authorities.