BB extends deadline to implement new framework for fast-track inward remittances disposal

Bangladesh Bank (BB) has announced an extension of the transition period for banks to implement a new framework aimed at streamlining the disposal of inward remittances and improving overall operational efficiency. 

According to a BB circular issued today (9 April), Authorised Dealers (ADs) now have until 30 June to fully operationalise the required systems.

This is an extension from the previous deadline of 31 March, which was originally set in a circular dated 8 January.

The central bank stated that the extension was granted to ensure the effective implementation of the provisions.

During this extended timeframe, the central bank has mandated that all Authorised Dealers must ensure the prompt processing and crediting of cross-border inward payment receipts. 

The circular also said that Banks are required to remain in strict compliance with the stipulations previously set out by the regulator to ensure that beneficiaries receive funds without unnecessary delays.

Under the new framework, ADs are instructed to use Straight-Through Processing (STP) arrangements to credit beneficiaries’ accounts promptly.

Remittances received during banking hours must be credited on the same business day.

Transactions received after business hours or those that are recurring must be credited by the next business day, BB added.