Implement SOP, escrow to curb financial risk: e-CAB
It has also been proposed to introduce fast digital commerce guidelines or SOP and escrow services as per the proposal of e-CAB
The e-CAB urged for immediate implementation of Standard Operating Procedures (SOP) and escrow services on digital commerce at a meeting on issues of online transactions in the e-commerce sector at the Ministry of Commerce on Thursday.
e-CAB President Shomi Kaiser and General Secretary Mohammad Abdul Waheed Tamal were present at the meeting on behalf of e-CAB. Secretary of the Ministry of Commerce Tapan Kanti Ghosh presided over the function.
It may be mentioned that the Ministry of Commerce has recently convened an emergency meeting based on the report of the Bangladesh Bank on an advance collection of goods by some e-commerce companies and imbalance of liabilities and assets of the companies.
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The meeting also proposed to introduce fast digital commerce guidelines or SOP and escrow services as per the proposal of e-CAB.
In addition, according to the proposal of the central bank, instructions will be sent to the banks that e-commerce companies will receive a payment after the product is delivered to the buyer, paying using the payment system.
In this regard, e-CAB President Shomi Kaiser said, "We have been demanding for a long time to introduce e-commerce law and escrow services so that e-commerce companies can be brought under legal obligation and the financial transactions of buyers can be secured."
"In the meeting, we raised the issue again. Hopefully, the SOP will be announced soon as the first step in the legal process and the Bangladesh Bank will add escrow service as soon as possible," she added.
e-CAB Secretary General Mohammad Abdul Waheed Tamal said, "Two proposals regarding implementation of SOP and escrow services were adopted by e-CAB at the meeting. I believe if this decision is implemented, millions of entrepreneurs and buyers will be saved from financial uncertainty."
Abdul Waheed presented the report of the review committee on E-valley constituted by e-CAB earlier. However, a copy of the report has already been provided to the Ministry of Commerce and the Bangladesh Competition Commission.
e-CAB has reviewed the draft Digital Commerce Guideline 2021 or SOP of the Ministry of Commerce and submitted the views of entrepreneurs, experts and members of e-CAB to the Ministry of Commerce. e-CAB has proposed to amend 20 rules and add 25 new rules that include marketplace product display, delivery, complaints, refunds, etc. It has been proposed to create a separate SOP on the cross border.
In escrow service, buyers order online and the money paid is deposited in escrow under the Bangladesh Bank.
Escrow is known for providing security of buyer's money across the world.
Hafizur Rahman, Deputy Secretary, Ministry of Commerce, Director General, WTO Cell, raised the issue of the formation of stakeholder consultation and investigation committee at the meeting.
Bablu Kumar Saha, Director General of the Consumer Rights Protection Council, highlighted various aspects of consumer rights supervision.
Md Mejbaul Haque, General Manager, Payment System Division, Bangladesh Bank, proposed how to monitor the matter through the banking system.
Various aspects of ESCROW implementation were highlighted by the ICT Division.
The representative of the Competition Commission raised the issue of various unusual offers and said that steps would be taken in this regard.
Representatives of the National Board of Revenue were present at the time.
