JS passes Payment and Settlement System Bill 2024
The enactment of the law will help to ensure the rights of the subscribers, finance minister says
The Payment and Settlement System Bill 2024 aimed at bringing all kinds of payments generated in banks and non-bank financial institutions under the supervision of Bangladesh Bank was passed in the Jatiya Sangsad (JS) today.
Finance Minister Abul Hasan Mahmud Ali moved the bill which was passed by voice vote in the House with Speaker Dr Shirin Sharmin Chaudhury in the chair.
While placing the bill, the finance minister said many kinds of payments and transactions using digital platforms were taking place along with traditional payments.
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The enactment of the law will help to ensure the rights of the subscribers.
The increasing transactions through the electronic payment system, the electronic fund transfer and mobile banking will come under the purview of the proposed law. It would provide users with a safeguard from electronic frauds, according to the bill.
The draft has provisions of imposing penalties for violating the law. A fine of Tk25 lakh has been proposed as the maximum financial penalty.
The central bank will exercise a provision of the proposed law to cancel licenses of the errant companies.
It will also be entitled to appeal to the High Court division of the Supreme Court for liquidation of companies if they are engaged in anti-people activities.
In 2015, the central bank first formulated the draft under a World Bank programme for strengthening the country's financial system.
According to the finance division officials, the passage of the law will help release loans committed by the WB under the programme.
Opposition and Independent lawmakers including Pankaj Devnath of Barishal-4, Hamidul Huq Khondoker of Kurigram-2 and Jatiya Party lawmaker Hafizuddin Ahmed of Thakurgaon-3 urged the House to send the bill for seeking public review.
