Banks to receive 0.10% commission for providing challan facilities

All commercial banks are expected to be allowed to handle challan (invoice) through over the counter (OTC) services in exchange for a 0.10% commission on the total amount of money submitted to the respective banks.

Thus, the automatic challan service will provide the biggest instrument for submitting money to the public exchequer.

Bangladesh Bank, in a recent meeting, decided to provide a 0.10% commission to commercial banks who provide OTC services to their clients for submitting money through the government automatic challan service.

Ahmed Jamal, deputy governor of the central bank, presided over the meeting.

According to another meeting decision, the finance ministry will provide a directive to issue any correction and cancellation of invoice papers.

Former finance adviser to the last care taker government Dr AB Mirza Azizul Islam said the people will be benefitted from the automatic challan service as it is available in all banks across the country.

As per the Bank Company Act 1991, Sonali Bank was the only treasury bank in the country. However, in an attempt to improve revenue management, some changes were made to the law to include other banks as treasury banks.

In October, the government launched the challan facilities for all banks and the facility will be expanded across the country next year.