Starting from Sunday, the Bangladesh Bank has set a new cash withdrawal limit of Tk 500,000 through bearer's cheques, up from the previous cap of Tk 400,000.
The decision was communicated to all commercial banks on Saturday, with the central bank directing strict adherence to the new limit for security reasons, bdnews24.com reports. This follows the interim government's directive for banking and financial sector reforms after the fall of the previous government on August 5.
The government is also monitoring the situation to prevent individuals who made fortunes through corruption and market manipulation during the Awami League's tenure from transferring their assets out of the country.
Earlier, on August 8, the interim government imposed stricter controls, limiting cheque withdrawals to Tk 100,000.
The central bank has also advised banks to halt suspicious transactions.
Despite the cheque withdrawal limit, digital transactions remain unrestricted, allowing for any amount to be transferred electronically. Bank officials reported an increase in withdrawals by politicians, businessmen, and officials after the change in power on August 5.
This prompted Bangladesh Bank's Banking Regulation and Policy Department to implement the latest controls.
The Bangladesh Financial Intelligence Unit, or BFIU, has instructed all commercial banks to exercise heightened vigilance over transactions involving political figures. The BFIU issued this directive after a meeting with the chief anti-money laundering officers of various banks. —bdnews24.com
