B Mirror Report: Mobile financial services (MFS) transactions will be restricted ahead of the upcoming parliamentary elections to prevent the use of money to influence voters, according to officials at Bangladesh Bank.

Under the proposed measures, users of mobile banking platforms such as bKash, Rocket and Nagad will be allowed to transact a maximum of Tk10,000 per day. The per-transaction limit will be capped at Tk1,000. These restrictions are expected to remain in force from February 8 to 13.

In addition, person-to-person money transfers through internet and app-based banking channels will be temporarily suspended during the same period. This means individual customers will not be able to send money to other individual customers via online banking services.

The decision follows a request from the Election Commission and is being planned by the Bangladesh Financial Intelligence Unit (BFIU), with Bangladesh Bank preparing to implement the restrictions. However, officials said the final transaction limits may be adjusted.

Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan told reporter that work on limiting money transactions is underway in line with the Election Commission’s demand. “A notification will be issued this week,” he said.

Currently, MFS users can transfer up to Tk50,000 per day and Tk300,000 per month, with a maximum of 50 transactions daily and 100 transactions monthly. Under the proposed rules, customers will be allowed to send up to Tk10,000 per day through a maximum of 10 transactions during the election period.

Internet and app-based banking services—such as BRAC Bank’s Astha, City Bank’s CityTouch, Islami Bank’s Cellfin, Dutch-Bangla Bank’s NexusPay and Pubali Bank’s Pay—currently allow person-to-person transfers of up to Tk10 lakh per day, with a per-transaction ceiling of Tk3 lakh. The BFIU has proposed suspending these transfers temporarily, and Bangladesh Bank is reportedly considering the proposal positively.

Meanwhile, surveillance on cash withdrawals and deposits has already been tightened since January 11. Banks have been instructed to submit a cash transaction report (CTR) to the BFIU for any deposit or withdrawal of Tk10 lakh or more, or its foreign currency equivalent, made in a single day through one or multiple transactions.

The CTRs must be submitted weekly, within three working days of the following week, until further notice. Bangladesh Bank has warned that failure to submit reports on time or providing incorrect or misleading information will invite action under the Prevention of Money Laundering Act.