PSD Circular No. 06: About crediting beneficiaries MFS account with proceeds of foreign remittance including subsequent cash incentives

Payment Systems Department Bangladesh Bank Head Office, Dhaka. PSD Circular No. 06/2019 Dated: 17 Agrahayan 1426 02 December 2019 Managing Director/Chief Executive Officer All MFS Providers and Scheduled Banks operating in Bangladesh

Dear Sir,

Regarding crediting beneficiaries' MFS accounts with proceeds of foreign remittance including subsequent cash incentives.

In the distribution of remittances arriving through banking channels via Mobile Financial Services (MFS) accounts, you are advised as follows:

1. In the case of direct distribution of the proceeds of remittances arriving through banking channels to the MFS accounts of beneficiaries, the maximum amount of 1,25,000 (One Lakh Twenty-Five Thousand) Taka, including the cash incentives of the proceeds, may be directly provided by the bank to the MFS accounts of the beneficiaries;

2. In the case of all other MFS transactions other than the proceeds of remittances, it is necessary to ensure compliance with PSD Circular No. 01/2019 dated 19-05-2019 of this department.

Yours faithfully,

(Md. Majbaur Haque) General Manager Phone: 88-02-9530174