Saturday, September 18, 2021
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Bangladesh Bank bars e-commerce firms from taking advance payments directly in their accounts

From now on in Bangladesh, no e-commerce company will be able to take advance money of goods or services directly from the customer to its own bank account.

Dhaka — From now on in Bangladesh, no e-commerce company will be able to take advance money of goods or services directly from the customer to its own bank account.

Instructions in this regard have been sent to the Managing Director and Chief Executive Officer of Bangladesh Bank’s Payment Systems Department on Sunday. At the same time, it has been instructed to ensure supervision considering the risks.

According to the Central Bank’s directive, a number of digital commerce companies are taking advance payment for goods and services directly from customers as their own banks in order to avoid the recently issued ‘Digital Commerce Management Guideline-2021‘ and the directives issued by Bangladesh Bank.

According to the new guidelines for transactions of e-commerce companies as banks, direct deposits of goods and services of digital commerce companies or companies cannot be accepted as banks in violation of the guidelines of the government’s Digital Commerce Management Guideline-2021.

In order to manage the accounts of such digital commerce organization, the transaction needs to be managed by checking the rationality of the given transaction profile, analyzing the features of the transaction and ensuring proper supervision considering the overall risk.

This instruction will be effective immediately.

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