Mobile banking services (MFS) are being restricted ahead of the upcoming parliamentary elections. As a result, customers of mobile banking services including bKash, Rocket, Nagad will be able to transact a maximum of Rs 10,000 per day. The maximum limit for each transaction will be one thousand taka.

In addition, money transfer services are being stopped using internet banking in banking channels. Basically, sending money from individual customer to individual customer is being stopped. The service will be limited from February 8 to 13. This information was given by responsible sources of Bangladesh Bank.

This initiative is being taken so that money cannot be used to influence voters in the election. Bangladesh Financial Intelligence Unit (BFIU) is planning the project in view of the demand of the Election Commission, which Bangladesh Bank is preparing to implement. However, the amount of money can be more or less.

In the meantime, monitoring of cash withdrawals has been strengthened. As a result, Bangladesh Bank officials hope that the misuse of money will be less in the upcoming elections. However, there is no restriction on spending money according to the announcement of the candidates. Apart from this, supporters also provide for election expenses.

Arif Hossain Khan, executive director and spokesperson of Bangladesh Bank, told that money transactions will be limited in view of the demand of the Election Commission. Work is underway for this. A notification will be issued in this regard this week.

How many transactions can be made
At present, customers of all mobile banking services, including bKash, Rocket, Nagad, can transact up to Rs 50,000 to each other daily. These customers can transact up to three lakh rupees per month. They can make a maximum of 50 transactions in a day and 100 transactions in a whole month. In view of the demand of the Election Commission, the Bangladesh Financial Intelligence Unit (BFIU) has proposed that each customer can send a maximum of Rs 10,000 per day to another customer. Transactions can be made 10 times. This limit will be effective from February 8 to 13. Bangladesh Bank has started working on this in view of the demand of BFIU.

Meanwhile, the bank’s customers can transact with their own bank and other bank customers using apps and internet banking services. Popular apps like BRAC Bank’s Astha, City Bank’s CityTouch, Islami Bank’s Cellfin, Dutch-Bangla Bank’s Nexus Pay and Pubali Bank’s Pi are now available. Through this service, individual customers can transact up to Rs 10 lakh per day. The limit for each transaction is three lakh rupees. A maximum of 10 transactions can be made.

In view of the demand of the Election Commission, the BFIU has proposed to stop the transfer of money from person to person using internet banking during the election period. Bangladesh Bank is reportedly considering the proposal positively.

Increased supervision of cash withdrawals
Meanwhile, it has strengthened supervision of cash deposits or withdrawals from January 11. According to the directive, the Cash Transaction Report (CTR) must be submitted to the BFIU in case of deposit or withdrawal of foreign currency of Rs. 10 lakh or more or equivalent value (any kind of cash deposit or withdrawal online, including ATM) through one or more transactions on a particular day.

It has been instructed to submit the report of the cash transaction on a weekly basis (each week’s report within three working days of the next week) until further notice.

Action will be taken according to the provisions of the Prevention of Money Laundering Act in case of failure to submit CTR on time or in violation of instructions in providing incorrect, incomplete or false information or details.

Officials of the company said that if there is any abnormal transaction in the CTR, the concerned bank will take action first. If it fails, the bank will be penalized.