Rangpur:<Text> The Detective Branch (DB) of Rangpur Metropolitan Police (RpMP), in a special drive, arrested two members of an organised gang involved in question paper leakage from the Captain Backology intersection adjacent to the Police Lines…
Khulna:<Text> A doa mahfil was held in Khulna today seeking eternal peace for the departed soul of Begum Khaleda Zia, three-time former Prime Minister and Chairperson of the BNP. The event took place following Asr prayers at Tutpara Government M…
Dhaka:<Text> The ninth edition of the Non-Fiction Book Fair is set to begin at the Dhaka University (DU) Faculty of Business Studies premises on Saturday. The fair is being jointly organized by Bonik Barta and the Faculty of Business Studies, DU…
Dhaka:<Text> Sadharan Bima Corporation SC recorded a 3-1 victory over Basabo Tarun Sangha in the Senior Division Football League held at Birshreshtha Shaheed Sepoy Mohammad Mostafa Kamal Stadium in Kamalapur today.According to Bangladesh Sangbad…
Hamtramck:<Text>
In a significant move to modernize the nation’s financial landscape, Bangladesh Bank (BB) has issued a new circular aimed at streamlining disbursement of inward remittances through enhancing operational efficiency. The central bank’s Foreign Exchange Policy Department today announced the changes, mandating that Authorized Dealers (ADs) – typically commercial banks – adopt faster processing methods and digital interfaces.
According to Bangladesh Sangbad Sangstha, one of the most impactful changes is the requirement for timely processing and crediting of cross-border inward payments. Under the new guidelines, ADs are instructed to use Straight-Through Processing (STP) arrangements to credit beneficiaries’ accounts promptly. The circular states that remittances received during banking hours must be credited on the same business day, while transactions received after business hours or those that are recurring must be credited by the next business day.
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;P>To ensure speed is not hindered by administrative hurdles, the central bank has authorized ADs to credit the accounts even if some documents or checks are pending, provided that all essential information for the credit is available. Any remaining documentation can be handled through post-credit monitoring. In a push toward full digitalization, Bangladesh Bank has announced that Form-C and Form-C (ICT) will be discontinued. Instead, ADs must establish secure digital interfaces that allow customers to submit required information and documents electronically.
These digital platforms will enable customers to monitor their transaction status and provide electronic acknowledgments. Until these interfaces are fully operational, banks are directed to use existing digital channels to collect necessary remittance data. To support the rapid timelines, banks are required to move away from relying on end-of-day statements. Instead, they must use intraday credit confirmations and perform nostro acco
unt reconciliations at intervals not exceeding 60 minutes.
Furthermore, the central bank has mandated the use of the Unique End-to-End Transaction Reference (UETR) for all inward remittances. This reference must be maintained through domestic inter-bank transfers, ensuring end-to-end traceability until the funds reach the ultimate beneficiary. While rapidity is a priority, the circular maintains strict standards for due diligence. Pre-credit verification is still required for high-risk scenarios, such as transactions involving new customers or those with no transactional history, remittances originating from high-risk jurisdictions, and transactions flagged by sanctions screening or monitoring systems.
In such complex cases, banks are required to prioritize processing and ensure settlement is completed at the earliest, with a maximum limit of three business days. The central bank has granted a transition period until March 31, 2026, for banks to fully operationalise these f
rameworks. During this window, ADs are expected to implement the necessary STP arrangements, digital interfaces, and reconciliation systems to ensure effective compliance.
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