Thursday, July 16, 2020 | ePaper

Online transactions hampered by new credit card rule

  • Print
bdnews24.com :
A new rule requiring customers to obtain a certificate before completing a transaction online is causing people a lot of grief with businessmen in the IT sector suffering in particular.
Bangladesh Bank issued the circular last week according to which, customers must seek authorisation to make online purchases using foreign currency by filling up a form and submitting it to their respective banks.
The measure was adopted to prevent the purchase of cryptocurrency online, lottery tickets, gambling and misuse of the international credit card, according to the central bank.
But bankers and customers have slated the rule as 'impractical' and time-consuming while increasing the costs of transaction for all concerned. The authorities should have discussed the issue with banks issuing the rule, they added. "The decision is not practical at all," Mutual Trust Bank Managing Director Anis A Khan told bdews24.com.
Bangladesh Consultant is a company  that provides domain and hosting services  
and develop websites for its customers. "We have to buy themes regularly for the domain and hosting services using an international credit card," Baki Billah, director of Bangladesh Consultant told bdnews24.com.
"We have stopped providing the service to our customers due to the new rule. It is practically impossible to fill up the form and submit it to the bank for each transaction.
"The new circular by the central bank is hampering our business," said Mushfiqur Rahman, Managing Partner of Spectrum Software and Consulting Limited.
"We need to buy toolkit worth $500 to 1000 frequently for the software we use. Sometimes we buy them thrice a day."
Besides, the international credit card is needed to make immediate transactions, he said.
The government has permitted members of Bangladesh Association of Software and Information Services (BASIS) to spend up to $30,000 per year but the business will now be affected by the circular, said Mushfiqur, vice president of BASIS.
A customer has to fill up the online transaction form or OTF and submit it either through a mobile app, an internet platform or as a hard copy before purchasing goods or services online using an international credit card, according to the circular issued by the foreign currency policy department of Bangladesh Bank.
The respective bank will then scrutinise the form and activate the credit card if no irregularity is found. The credit card will be deactivated automatically once the transaction is complete.

More News For this Category

Work underway to build country's first helipad: Civil Aviation Secy

UNB, Dhaka :Md Mohibul Haque, senior secretary of Ministry of Civil Aviation and Tourism, said on Wednesday that work is underway to build the country's first helipad as per

160 turtles caught in plastic waste rescued from Bangladesh beach

160 turtles caught in plastic waste rescued from Bangladesh beach

AFP, Cox's Bazar :About 160 sea turtles, many of them injured after getting entangled in plastic waste, have been rescued after washing up on one of the world's longest

A devastating fire breaks out at No-3 Shed of Chattogram Port on Wednesday.

A devastating fire breaks out at No-3 Shed of Chattogram Port on Wednesday.

.

Shahed ruined Bangladesh’s image globally: Home Minister

BSS, Dhaka :Home Minister Asaduzzaman Khan Kamal on Wednesday said Regent Hospital and Regent Group Chairman Shahed has ruined the image of Bangladesh globally."Fraudulence of Shahed along with the

Qulkhwani

Qulkhwani

Qulkhwani of Humayun Akand will be held tomorrow after Juma prayers at his village home in South Mandra, Vaggokul, Munshigonj.On the occasion a Doa Mahfil also will be held

Pathao co-founder Fahim Saleh found dead in NY

Pathao co-founder Fahim Saleh found dead in NY

UNB, Dhaka :Fahim Saleh, tech entrepreneur and co-founder of Bangladesh ride-sharing app Pathao, was found dead at his apartment in New York on Tuesday.The members of New York Police

Sirajul Islam of Meghna Ghat area, who has been suffering from respiratory complications, returns home being failed to get admission to any hospital in the city. This photo was taken from in front of Dhaka Medical College Hospital on Wednesday.

Sirajul Islam of Meghna Ghat area, who has been suffering from respiratory complications, returns home being failed to get admission to any hospital in the city. This photo was taken from in front of Dhaka Medical College Hospital on Wednesday.

.

Rice procurement yet to get pace

Staff Reporter :Despite repeated call for speeding up rice procurement, the government is yet to collect significant quantity against its target so far, raising concerns that efforts to provide

Fatality jumps to 5,82,320 worldwide

News Desk :Total fatality from coronavirus jumped to 5,82,320 while infected 1,35,04,004 and recovered 78,92,115 worldwide till Wednesday afternoon, according to the latest report of worldometer. A total of

New areas deluged as Brahmaputra continues to swell

BSS, Dhaka :The flood situation has further worsened in different parts of the country as the water level of major rivers, particularly the Brahmaputra, continue to rise due to