Thursday, December 12, 2019 | 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

Massive win for Cumilla Warriors

Sports Reporter :Cumilla Warriors registered a massive 105-run victory over Rangpur Rangers in their first match of the Bangabandhu Bangladesh Premier League (BBPL) at the flood-lit Sher-e-Bangla National Cricket

Shun negative attitudes towards leprosy patients: PM

UNB, Dhaka :Prime Minister Sheikh Hasina on Wednesday urged everyone to shun negative attitudes and stop isolating leprosy patients and instead take initiatives for their proper treatment."We've to discard

Move on to submit 'manipulated' report on Khaleda's health: BNP

Move on to submit 'manipulated' report on Khaleda's health: BNP

UNB, Dhaka :BNP on Wednesday alleged that the government is trying to submit a different report on Khaleda Zia's health condition before the Supreme Court changing the one made

Hundreds of vehicles got stuck at a huge traffic tailback on Hanif Flyover on Wednesday.

Hundreds of vehicles got stuck at a huge traffic tailback on Hanif Flyover on Wednesday.

.

India defends divisive ‘Citizenship Bill’ as it nears new vote

India defends divisive ‘Citizenship Bill’ as it nears new vote

The New York Times , New Delhi  :As the upper house of India's Parliament began debating a contentious citizenship bill on Wednesday, the Indian government and its allies fiercely

BBPL kicks off Ctg beat Sylhet

BSS, Dhaka :Leaving his horror performance in India behind, Imrul Kayes hit 38 ball-61 to lead Chattogram Challengers to a facile five-wicket win over Sylhet Thunder in the opening

HC wants to know progress of probe

Staff Reporter :The High Court on Wednesday wanted to know the latest situation of the investigation in a case filed against the suspended Deputy Inspector General (Prisons) of Sylhet

Ilias Kanchan's 24-hr ultimatum to Shajahan Khan

Staff Reporter :Popular Actor and founder and Chairman of Nirapad Sarak Chai (Nischa - We demand safe road) Ilias Kanchan on Wednesday urged the former Shipping Minister Shajahan Khan

Jute mill workers continue hunger strike

Staff Reporter  :At least 10 demonstrators were hospitalised when state-owned jute mill workers in Khulna, Jashore, and Narsingdi continued their hunger strike for the second consecutive day on Wednesday.The

2 EC employees held in money laundering case

Staff Reporter :The Anti Corruption Commission (ACC) on Wednesday arrested two employees of the Election Commission from different places in Chattogram city in money laundering case.The arrested employees are: