PSD Circular Letter No. 04: Disbursing inward remittance to customer accounts through IBFT in NPSB system

Payment Systems Department
Bangladesh Bank
Head Office
Dhaka

PSD Circular Letter No.: 04
Date: 19 Asharh, 1429
03 July, 2022

Managing Director / Chief Executive Officer
All Scheduled Banks Operating in Bangladesh

Dear Sir,

Regarding the provision of inward remittance to customer accounts through IBFT in the NPSB system.

In continuation of PSD Circular No. 09 dated: 30 June, 2021 and PSD Circular No. 03 dated: 28 April, 2022, regarding the provision of remittances through Internet Banking Fund Transfer (IBFT) in the National Payment Switch Bangladesh (NPSB) system, the following instructions are hereby provided:

a) In the case of providing remittances and related incentives through IBFT in the NPSB system, the conditions regarding the maximum limit for institutional unit transactions and the maximum limit for daily transactions mentioned in serial number 05(b) of PSD Circular No. 09 dated: 30 June, 2021, shall not apply.

b) To identify remittance-related transactions separately, the remittance receiving bank shall use separate Merchant Category Codes (MCC) for 'Remittance' and 'Incentive', namely 6014 and 6015 respectively.

c) In the case of providing remittances through IBFT in the NPSB system, the bank shall resolve any arising disputes (Disputes) within the next business day.

d) Banks shall ensure proper compliance with the directives issued by the Foreign Exchange Policy Department regarding the provision of inward remittances and related incentives.

e) Banks shall ensure proper compliance with the Money Laundering Prevention Act and the directives issued thereunder regarding such fund transfers.

These instructions shall take immediate effect.

Yours faithfully,

(Signature)
(Md. Majbaur Haque)
Director (PSD)
Phone: 9530174