Bangladesh Bank has raised the limit for cash transaction report for commercial banks to Tk 10 lakh from the existing Tk 7 lakh.
The BB issued a circular on Sunday to the managing directors and the chief executive officers of all commercial banks asking them to follow the instruction on submission of the CTR with an effect from August 1.
A senior BB official told New Age that the commercial banks would submit the CTR for the month of August by September 21 and the report would have to be prepared only on the cash transactions of Tk 10 lakh or above by a client.
A number of clients are not interested to transact through banking channel fearing CTR, he said.
He said, ‘A number of banks recently demanded the BB to raise the ceiling of the CTR.’
The BB usually sets the CTR for the commercial banks in accordance with the local and international standard.
In last few years, the local currency taka considerably weakened against the US dollar, he said.
For these reasons, the BB raised the ceiling of CTR for the banks, he said.
Under the existing provision, the banks require to submit the CTRs on both withdrawal and deposits within the third week of the next month and the information will be preserved in a data bank of the Bangladesh Financial Intelligence Unit of the BB.
-With New Age input
