New Guidelines to Pay for E-Commerce Products

The central bank has given new instructions to pay for the purchase of goods from e-commerce companies.

On Sunday (August 29), the Payment Systems Department of Bangladesh Bank issued instructions in this regard.

The directive states that e-commerce companies will not be able to take the advance price of goods or services directly from the customer to their own bank account. In addition, the central bank has instructed the banks to ensure proper supervision in considering the risk.

The directive sent to the bank's managing director and chief executive officer states that a number of digital commerce companies have been withdrawing advance payment money from customers for goods and services to their own bank account directly avoiding the government's 'Digital Commerce Management Guideline-2021' and 'Bangladesh Bank's Guidelines' issued recently. Therefore, the central bank has given new guidelines for transactions as an e-commerce company bank.

Digital e-commerce companies cannot directly deposit or accept advance payment for goods and services as companies or company affiliates in violation of government directives.

In order to manage the accounts of an e-commerce organization, the rationality of the given transaction profile has to be verified. In addition, banks have been instructed to conduct transactions by analyzing the characteristics of the transaction and ensuring proper supervision taking into account the overall risk. The central bank has said that these instructions will be effective immediately.