Regulatory Alerts2011-03-28
Added · Updated
DCMPS Circular No. 02: E-Commerce activities
Scheduled banks in Bangladesh are authorized to allow daily internet or online fund transfers of up to BDT 500,000 between accounts held by different customers within the same bank, subject to compliance with the Money Laundering Prevention Act and its directives. This authorization supplements the benefits previously outlined in PSD Circular No. 05 dated November 2, 2009, the provisions of which remain unchanged.
Department of Currency Management and Payment Systems Bangladesh Bank Head Office Dhaka DCMPS Circular No.-02/2011 Date:
Managing Director/Executive Chief All Scheduled Banks operating in Bangladesh Dear Sir, Re: E-Commerce activities.
With reference to the above subject, we draw your attention to PSD Circular No. 05 issued on 02/11/2009.
- In order to facilitate E-Commerce activities, henceforth all scheduled banks may provide the following facilities to their customers concerned regarding E-Commerce activities, in addition to the benefits mentioned in the aforementioned circular:
- Subject to compliance with the Money Laundering Prevention Act and the directives issued thereunder, an internet/online transfer of funds up to a maximum of BDT 500,000 per day from one customer's bank account to another customer's bank account maintained within the same bank.
Apart from this, all other matters under PSD Circular No. 05 shall remain unchanged.
Kindly acknowledge receipt.
Signed/- (A.K.M. Fazlur Rahman) Deputy General Manager Phone: 7123443 28 March, 2011 14 Chaitra, 1417