RegAlertRule · BB · 6 Dec 2023
PSD Circular No. 13: About crediting beneficiaries MFS account with proceeds of foreign remittance
The circular permits banks to directly credit up to BDT 250,000 (excluding cash incentive funds) from foreign remittances received via banking channels into beneficiaries' Mobile Financial Services (MFS) accounts. It prohibits further cash-in transactions or money additions to an MFS account if its balance exceeds BDT 300,000 until the balance falls back within that limit. All other MFS transactions remain subject to the guidelines in PSD Circular No. 06/2022 dated April 25, 2022, and the previous PSD Circular No. 06/2019 is hereby repealed.
50119
Bangladesh Bank
(Central Bank of Bangladesh)
Head Office
Motijheel, Dhaka-1000
Bangladesh. www.bb.org.bd
Payment Systems Department
December 06, 2023
PSD Circular No. 13/2023 Date: -------------------------- 21 Agrahayan, 1430
Managing Director / Chief Executive Officer
All MFS Provider Institutions and Scheduled Banks operating in Bangladesh
Dear Sir,
Regarding the increase in the limit for crediting legally sent remittances to MFS accounts.
In relation to the distribution of remittances arriving through banking channels to Mobile Financial Service (MFS) accounts, you are advised as follows:
-
In distributing remittance funds arriving through banking channels to beneficiaries' MFS accounts, banks may directly provide a maximum of BDT 2,50,000 (Two Lakh Fifty Thousand) (excluding cash incentive funds) to the beneficiary's MFS account;
-
If the balance of any beneficiary account exceeds BDT 3,00,000 (Three Lakh) due to receiving remittances, no new cash-in/money addition shall be made to that account until the account balance does not come back within BDT 3,00,000 (Three Lakh);
-
For all other transactions of MFS except remittances, compliance with the instructions of this department's PSD Circular No. 06/2022 dated 25/04/2022 must be ensured;
-
The PSD Circular No. 06/2019 dated 02/12/2019 issued previously is hereby repealed by this circular.
The aforementioned instructions will take effect immediately.
Yours faithfully,
(Signature)
(Md. Motasim Billah)
Director (PSD)
Phone: 02-9530174
Phone: 88-02-9550848, 9554896, IP: 88-02-55662001-6, Fax: 88-02-9530479, www.bb.org.bd
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Lineage: No known changes
RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.
The links and the sentences they come from (2)
- Supersedes
- PSD Circular No. 06: Regarding Refixation of Mobile Financial Services (MFS) Transaction Limit2022 · BB
“Lakh); 03. For all other transactions of MFS except remittances, compliance with the instructions of this department's PSD Circular No. 06/2022 dated 25/04/2022 must be ensured; 04. The PSD Circula”
“mpliance with the instructions of this department's PSD Circular No. 06/2022 dated 25/04/2022 must be ensured; 04. The PSD Circular No. 06/2019 dated 02/12/2019 issued previously is hereby repealed”
More like this from BB
We email you every new BB publication the day it's published.
Source: Bangladesh Bank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated