Bahrain Mirror: Salafist MP Jamal Dawood submitted a proposal to the House of Representatives instructing to impose BD1 fees on remittances below BD300 and BD10 for all money transfers exceeding the amount of BD300.

Dawood said that the presence of 700000 expatriates in Bahrain would yield at least BD90 million annually that would help reduce General State budget deficits.

The MP suggests that Bahrain Central Bank issues the regulating rules to calculate the fees and ways of collecting them as well as measures to save them, in addition to penalties and administrative measures in case of violating the law.

MP Dawood said in his explanatory memorandum that his proposal aims at covering the General State budget deficits amid the oil price fall.

The proposal also encourages foreign citizens and expatriates to spend their savings in Bahrain or invest them inside the Kingdom.

Arabic Version