New instructions on withdrawing money from banks

The central bank tightened the reins as the pressure to withdraw cash increased after the change of government. However, Bangladesh Bank has increased the cash withdrawal limit by 100,000 taka. Bangladesh Bank has set a cash withdrawal limit of Tk 5 lakh from Sunday (September 1), the first day of the new week.

Bangladesh Bank's decision was communicated to all commercial banks on Saturday (August 31), citing 'security reasons', asking them to comply with the directive. According to Bangladesh Bank sources, this decision will be applicable until further instructions are given. That is, a customer cannot withdraw more than five lakh cash at once through cheque.

Bangladesh Bank has stated in the instructions regarding money transactions that there is a problem in transferring money to the bank branches due to security issues. For that reason, not more than 4 lakh rupees can be withdrawn this week. Transaction monitoring through checks should be strengthened and suspicious transactions should be stopped. However, although there is a limit on cash withdrawal, customers can transfer any amount of money and do digital transactions. Now there is a limit on cash withdrawal but this limit will be withdrawn if the situation normalizes.

Earlier last week the maximum cash withdrawal was Tk 4 lakh. The central bank has fixed the new limit by increasing the cash withdrawal facility by 1 lakh rupees in a week. In the previous week, up to three lakh rupees could be withdrawn. He also had the opportunity to withdraw a maximum of two lakh rupees in the previous week. That is, the withdrawal limit has been increased every week.

Incidentally, the interim government formed after the fall of the government on August 5 in the face of mass protests is talking about reforms in the banking and financial sector like other sectors. At the same time, during the Awami League government's tenure, the interim government is also keeping an eye on the way that the owners of huge wealth cannot launder money through illegal means of bank robbery, corruption and stock market manipulation.

After the formation of the interim government on August 8 came regulatory measures in banking transactions. From that day, instructions were given not to withdraw more than Tk 1 lakh through check from the bank. The Central Bank has asked to stop withdrawal of money through check or if any transaction is suspicious. However, no more than 5 lakh rupees can be withdrawn through check, but there is an opportunity to transfer any amount of money in digital transactions.

Bank officials say that after the fall of Sheikh Hasina's government on August 5, politicians, businessmen and officials of various categories started withdrawing more and more money from the bank. That is why the BRPD department of Bangladesh Bank gives this regulatory directive. The Bangladesh Financial Intelligence Unit (BFIU) has directed all commercial banks to exercise 'extra caution' in bank transactions of political figures in this situation in the country. BFIU issued the directive in a meeting with the chief anti-money laundering officers of the banks.

Bangladesh /KH