Regulatory Alerts2023-12-06
Added
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to the guidelines in PSD Circular No. 06/2022 dated April 25, 2022, and the previous PSD Circular No. 06/2019 is hereby repealed.
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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:
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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;
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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);
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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;
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The PSD Circular No. 06/2019 dated 02/12/2019 issued previously is hereby repealed by this circular.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