The Bangladesh Bank has instructed all banks not to directly receive advance payments made by customers in the bank accounts of digital commerce enterprises.
The central bank issued the circular after noticing that some digital commerce institutions received advance payments in their bank accounts from clients bypassing the "Digital Commerce Management Guide-2021" and BB circular.
BB said any advance payment would not be received in the bank accounts of e-commerce and online merchants by violating the Digital Commerce Management Guide-2021.
The central bank instructed banks to maintain such accounts by ensuring proper monitoring, checking transaction profiles and considering the overall risk.
On July 4, the commerce ministry issued the Digital Commerce Operation Guidelines, 2021 pursuant to the National Digital Commerce Policy, 2018 (as amended in 2020) to ensure transparency and accountability in the digital commerce sector.
The guidelines apply to all digital commerce businesses operating in the country.
The e-commerce sector recently came into the spotlight after widespread criticism over its transaction.
