Bangladesh becomes 4th largest remittance source for India (official figure $10 billion)

[Shamsher1990]

No Bangladeshi businessman is foolish enough to invest in real estate in India - another dhokeybaaji related business. Indian real estate people won't try this business in Bangladesh either, too saturated.

No one is saying a BD business man invested money in India.

Its like this. Imagine, you are a corrupt police officer in India. You have collected 10 Carore indian rupees in bribe over 20 years of your service. You want to invest it in real estate or something else. What do you do?

1. You start a partnership of ficticious names in India.

2. You go to a money changer. Ask him how can you show money as being remitted. He tells you that latest trend is by showing it as remittance from BD. Because India BD cooperation for money laundering is lax.

3. You give him 8 Cr. He says he will take 20 lakh for the service. He gets traveller cheques, cash and other money instruments made in BD using his 'contacts'. All in fictitious names.

4. All those are deposited in accounts owned by the shell partnership owned by the corrupt police officer.

5. He uses that money to buy real estate in the name of NGO/Parnership he has established in the name of non-existant people.

The number show up in RBI audit but no one knows where it came from.

Its way too common. And often happens.
Don't believe me?

http://www.pewglobal.org/interactives/remittance-map/

go here.
Take country as india.
Take inflow.
Point at nepal.
Be surprised at inflow of remittance in India from Nepal.
And this one is Legal/Documented.

 

[Black_cats]

This article is from 2013 on this issue!!!

https://scroll.in/article/664305/dh...t-the-illegal-indian-immigrants-in-bangladesh

Few Indians realise that there are illegal and legal Indian immigrants in Bangladesh too – that is inevitable when you share a border as difficult as the India-Bangladesh one. India's longest border is not with China or Pakistan but with Bangladesh, and right from 1947 it has been a difficult line to seal off. There are too many people whose lives and livelihoods are scattered on both sides. The Bangladeshi government estimates there are 500,000 Indians working in the country.

When it comes to remittances from other countries to India, Bangladesh ranks fifth on the list, according to Silicon India. That $3.7 million a year comes from Indians working in non-profit organisations, the garment and textiles industries.

 

[Shamsher1990]

This article is from 2013 on this issue!!!

https://scroll.in/article/664305/dh...t-the-illegal-indian-immigrants-in-bangladesh

Few Indians realise that there are illegal and legal Indian immigrants in Bangladesh too – that is inevitable when you share a border as difficult as the India-Bangladesh one. India's longest border is not with China or Pakistan but with Bangladesh, and right from 1947 it has been a difficult line to seal off. There are too many people whose lives and livelihoods are scattered on both sides. The Bangladeshi government estimates there are 500,000 Indians working in the country.

When it comes to remittances from other countries to India, Bangladesh ranks fifth on the list, according to Silicon India. That $3.7 million a year comes from Indians working in non-profit organisations, the garment and textiles industries.

That site "Silicon India" is not trustworthy. Its mostly a 'article aggregator'. People write content on the site for a small fee. They essentially run sites like these for increasing traffic and making ad money.
They don't have any of their own journalist or their own research team.
Here is how they have written their article :

"Yahoo has listed out 16 of those countries that Indian expats send their money to their family in India."

https://www.siliconindia.com/news/b...st-Remittances-to-India-nid-147478-cid-3.html

Basically they searched Top 15 countries sending money in india on yahoo and wrote the article.

 

[My-Analogous]

If they are sending illegally how do you get to know the exact amount ??

Genius

 

[Shamsher1990]

Genius

A better question is how did they come to know that money was coming from Bangladesh. Just because they said it . You know first rule of investigate: Do not accept the person(s) under investigation's claims blindly.

 

[Indus Pakistan]

It is a flawed guess

No it is not. Dawn was merely assuaging it's readership - many of whom are Indians. Also note where Dawn is based. In Karachi. It's stock is the one that sends money to India. We know large chunk of Karachi migrated from India. We know that demographic has relatives in India. We know there is often marriages between these separated families. This is the very basis why remittances are being sent.

It's like my family are in UK. But we have family in Pakistan. We regularly remit money to Pakistan and often get married from there. The same is applicable here. Only Dawn can call this 'absurd'.

Ps. I have already read this piece trying to pull 'wool' by Dawn.

 

[Hold up]

Don't call us that kind of name. It is almost a reportable offense.

Why so riled up? Go see any Baisakhi parade in Queens, those who don't know better probably think you're Indians (Hindus even). You guys are the black sheep of the American Muslim community. Nothing to be embarrased about, think machli bhat robindorsonget sonur bangla and shit.

 

[LASER1]

There are no basic rule for illegal trade. What is the actual amount nobody knows. Different organizations can make estimates of it. Money going to India illegally is reported so many times in the past and by the same daily star you are quoting itself. If you have problem to believe 10 billion usd is going to India you can just have a chill pill, no one is forcing you to believe anything.

In short, you have no idea how money is sent or you are losing money. Your shitty sources prove nothing. I quoted daily star because you see it as gospel. So, if there is billion dollars illegal trade, (which is stupid to say the least) the government agency will flag it. That's how efficient FIU is.

I don't care if we make billion dollars out of BD, it's good for us. But it must be too large to be true. But I guess you lot are delusional to believe such propaganda. I'm new to this section, and I get your standard.

 

[Hasan89]

Astonishing. Considering the fact the uneducated average joe and above average in India thinks “illegal Bangladeshis” are taking away their resources.

Bangladesh must catch these illegal Indians and kick them out of Bangladesh for good. I bet more than half of them are from the deprived landlocked areas of North East India and surrounding estates to the west of BD.

 

[Black_cats]

In short, you have no idea how money is sent or you are losing money. Your shitty sources prove nothing. I quoted daily star because you see it as gospel. So, if there is billion dollars illegal trade, (which is stupid to say the least) the government agency will flag it. That's how efficient FIU is.

I don't care if we make billion dollars out of BD, it's good for us. But it must be too large to be true. But I guess you lot are delusional to believe such propaganda. I'm new to this section, and I get your standard.

If corrupt government officials are involved in both sides including the money laundering unit of the Banks how you will stop it? All these illegal trade happen giving bribe to every concern department. Now it is a sad reality but true some people are sending big amount of money from Bangladesh by opening L/C for importing heavy machinery but in reality bringing nothing. As there is lack of coordination between Bangladesh Bank and customs it is remaining undetected. If money laundering can happen even through legal channel than just assume how much money laundering is happening through illegal channels. I just gave 2 example clothing and cosmetics, all of these are entering through illegal means but money is sent back through hundi. Check any shop in Kolkata, as I said before they are providing home delivery service in Dhaka at the same market price and collecting the money in Dhaka. This is the extent of money laundering is happening in Bangladesh. On top of it there are issues of employing illegal Indians. As many Indians are holding top positions, they are filling up middle and lower rank positions with other Indians who are ready to work anywhere (city or remote areas) and almost entire day and any time of week at a far reasonable rate.

This is upto you to believe whether you like to believe it or not. No one is forcing you to believe it. You lot are fond of believing hindutva sanghi propaganda that 20 million Bangladeshi muslim are living in India but remain in denial when opposite is happening in Bangladesh.

You quoted daily star. I am quoting daily star again about Indians sending money illegally to India. It quoted the figure of 2012. In these years the figure raised to 10 billion usd.

https://www.thedailystar.net/controlling-remittance-outflow-to-india-58831

 

[LASER1]

This is upto you to believe whether you like to believe it or not. No one is forcing you to believe it. You lot are fond of believing hindutva sanghi propaganda that 20 million Bangladeshi muslim are living in India but remain in denial when opposite is happening in Bangladesh.

You quoted daily star. I am quoting daily star again about Indians sending money illegally to India. It quoted the figure of 2012. In these years the figure raised to 10 billion usd.

https://www.thedailystar.net/controlling-remittance-outflow-to-india-58831

haha, Please spare me your rants. Hindutva in India is none of your concern nor business unless you are living illegally in India. It's not relevant to the discussion.
Why? have you lost the argument already? Shifting goal posts and crying. I have made my point, now keep trying to justify a fake story with more lies and deceit.

So, if what you are saying is true, then your country is pathetically governed were 4% of their GDP goes missing.

Show me a government agency link rather than crass propaganda articles written by some brainless idiot,

 

[Black_cats]

haha, Please spare me your rants. Hindutva in India is none of your concern nor business unless you are living illegally in India. It's not relevant to the discussion.
Why? have you lost the argument already? Shifting goal posts and crying. I have made my point, now keep trying to justify a fake story with more lies and deceit.

So, if what you are saying is true, then your country is pathetically governed were 4% of their GDP goes missing.

Show me a government agency link rather than crass propaganda articles written by some brainless idiot,

As I told you before, no one is forcing you to believe anything as it is hurting your hindutva sanghi ego that Indians are living in Bangladesh illegally and sending money back home. 4% of the GDP is not going missing as a significant portion of money is coming to Bangladesh as well through hundi and it is getting adjusted with it. Because of this remittance flow through legal channel has decreased in recent years despite record amount people went abroad and sending money home. The bad thing that is happening it is not contributing to the economy and foreign reserve also stagnated at around 32-33 billion USD.

The recent article at financial express clearly summed it up:

http://thefinancialexpress.com.bd/views/views/the-hundi-market-and-remittances-1526397663

The source of the Hundi market is the earnings of the Bangladesh workers who are abroad and want to send funds to their families. There are also wealthy Bangladeshi residents in developed countries who may want to send funds to family or for other reasons.

DEMAND FOR FUNDS, I.E. FOREIGN EXCHANGE: There are perhaps five demands. I list them in terms of the size and give an estimate of the size:

1. Under invoicing of imports: $10-15 billion per annum and growing.
2. Indian and Siri Lankan nationals working in Bangladesh [largely in the RMG industry] sending funds home: $3-4 billion per annum.
3. Capital flight by Bangladeshi nationals: $1-2 billion per annum.
4. Payment of bills for education and medical care largely in India: $ 1.0 billion per annum.
5. Coverage of the trade deficit of the informal trade between India and Bangladesh: $1-3 billion per annum.

These demands total $16-25 billion per annum. For the first two types of demands there is some empirical information. For the three small components, educated guesses have been made based on scapes of information.

The Hundi market will always adjust the exchange rates to divert remittances sufficient to fill these demands. If demands increase then a greater proportion will be diverted to the Hundi markets.

There are three ways of falsification of trade documentation: 1) Under-invoicing of imports is by far the most important in Bangladesh although it receives little attention. 2) Over-invoicing of imports of capital goods that come in with low or zero duties is the popular means of exporting capital for the very rich. There are many abuses but the import of power plants for the rental projects is the largest leakage. 3) Finally, under-invoicing of exports is possible when there is a middle man under the control of the exporter who can handle the contract with the ultimate buyer in the US or the EU. These last two are not part of the Hundi market; the Bangladesh businessman involved in such transactions manages to transfer the foreign exchange to his control for his own purposes.

 

[asgur]

https://www.facebook.com/video.php?v=2581024228789741

 

[My-Analogous]

A better question is how did they come to know that money was coming from Bangladesh. Just because they said it . You know first rule of investigate: Do not accept the person(s) under investigation's claims blindly.

This is not correct way and link is already provide and it is his home country and source is his State bank. If i was him, i will check state bank website for confirmation or write to them for confirmation. This is definitely not correct approach nor correct way to approach investigation. The guy need to focus on his basic first.

 

[Black_cats]

This is not correct way and link is already provide and it is his home country and source is his State bank. If i was him, i will check state bank website for confirmation or write to them for confirmation. This is definitely not correct approach nor correct way to approach investigation. The guy need to focus on his basic first.

Who is doing investigation here? Money laundering is happening and Indians are sending back money is known to all. There may be some disagreement about the money that is sent but it does not change the fact that money is going out of Bangladesh. So many example is shown with reference how it is happening.

Someone has quoted Pakistan was the 4th largest remittance source of India. Is there any official record of it? Because all these transaction happen off the record.