No restriction on utility bill, salary payments through mobiles: Bangladesh Bank
06 Mar 2017, 21:35
Dhaka: Giving a clarification about cash-out and cash-in services through mobile banking, Bangladesh Bank deputy governor Md. Moniruzzaman on Monday said that the restriction that the central bank imposed on January 11 is applicable only in case of the personal transactions.
Briefing reporters at the central bank conference room on the transaction limits of the mobile financial services (MFS) like BKash and M-Cash, he said the central bank is trying to reduce the cost of MFS, reports UNB.
Currently, MFS charges a customer 2 per cent on the amount of transaction.
Moniruzzaman said as per the BB restriction, a person can cash-in maximum Tk 15,000 in two phases in his account from other individual account and cash-out maximum Tk 10,000 a day. However, the total monthly cash-in limit is Tk 100,000 through 20 transactions and cash-out limit is Tk 50,000 through 10 transactions.
These limits are applicable in case of cash-received from other individuals. But in case of cash-in by account holder himself, the cash-out limit is only Tk 5000 for next 24 hours.
The deputy governor, however, said BB has imposed the restrictions following the reports from different law and order and intelligence agencies that the MFS is being misused for different illegal purposes like extortion, ransom taking by abduction, forced-payment and money laundering through hundi.
He said the main restriction is regarding the cash-in and cash-out through personal account. But there is no restriction on the payment of utility bills, office salary and person to government (P2G) or government to person (G2P) payment.
He said a person can hold a single account with each mobile financial service provider.
Responding to questions, the deputy governor said it is still under study whether such restrictions have any impact on recent fall of remittances.
He admitted that some unscrupulous traders in different countries are doing illegal money transfer business using the fake name of BKash. ‘They use the BKash name, but transfer money through other channel,’ he said.
‘But fall in remittance inflow has various reasons, no particular reason,’ he added.
Bangladesh Bank spokesman and executive director Suvankar Saha and general manager of Payment System Department Lila Rashid also spoke on the occasion.