Remittance Facilities in Pakistan

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Telegraphic Transfers and Mail Transfers:--

(1) A Scheduled Bank is entitled to remit money by Drafts, Mail and Telegraphic Transfers between its accounts at the offices and agencies (other than Treasury Agencies) of the State Bank as follows:--

(a) In multiples of Rs. 1,000/00 between its accounts at the offices and branches of the State Bank, free of charge, subject to a minimum remittance of Rs. 10,000/00.

(b) Twice a week sums in multiples of Rs. 1,000/00 from any place where there is an agency (other than Treasury Agency) of the State Bank to any account which it maintains with the State Bank, such remittances being permitted to each of its offices, branches, sub-offices, pay offices free of charge, subject to minimum remittance of Rs. 5,000/00.

(c) Other remittances to an account which it maintains with the State Bank from any place where there is an agency (other than Treasury Agency) of the Bank at a charge of 00.02% subject to a minimum of Re. 1/00.

(d) All remittances through the State Bank or its agencies (excepting Treasury Agencies), other than those covered by

(a), (b) and (c) above, in favour of itself at the following rates:

Actual telegram charges will be charged in addition.

(2) Telegraphic Transfers, Mail Transfers and Drafts through the State Bank and its agencies including Treasury Agencies will be issued, subject to the limits on drawing on Treasury Agencies, at the following rates:--

(a) Favoring itself or other banks including Co-operative Banks and Societies at the rates laid down in items 1 (d) above,

(b) Favoring other parties:--

Actual telegram charges will be charged in addition.

2. Offices and branches of the National Bank will have discretion to sell at lower rates to the public but Treasury Agencies will invariably charge full rates.
3. Any exchange on remittances which may be chargeable in terms of paragraph 1 of this Appendix, under the following heads, will be credited to Exchange Account at the office of issue:-

(A) Paragraph      ..	2A (4), 2B (4), 2C (3)
(B) Paragraph      ..	3A (4), 3B (3)

 

4. Exchange charged on remittances under the following heads will be collected by Treasury Agencies at the rates shown in paragraph 1(e) of this Appendix, and will be credited to the State Bank through the accounts of the Provincial Accountants General:
(A) Paragraph 5a (3), 5b(3) and 5c(3).

APPENDIX III

Rates for Telegraphic Transfers, etc., for Indigenous Bankers,
Non-Scheduled Bank and Societies

1. For Indigenous Bankers and Non-Scheduled Banks.— For remittances favouring: (a) themselves and (b) others, the rates of exchange will be as laid down in items 2(a) and 2(b), respectively, for the Scheduled Banks.

2. For Co-operative Bank and Non-Scheduled Banks.—(a) As laid down for the Scheduled Banks in item 2(a), except that the minimum exchange for amounts upto Rs. 5,000/00 will be Re. 0./25 only.

2. In addition, Provincial Co-operative Banks undertaking to maintain with the State Bank balances which shall not at the close of business in any day be less than 21/2 per cent of their demand liabilities and 1 per cent of their time liabilities and accepting other conditions prescribed by the State Bank, will be entitled to the same facilities as are allowed to the Scheduled Banks for remittances between accounts with the State Bank and its agencies (other than Treasury Agencies). For the purpose of this concession, Central and Industrial Co-operative Banks affiliated to a Provincial Co-operative Bank will be treated as branches of the latter. Various conditions laid down by the State Bank in this behalf can be ascertained from the Agricultural Credit Department, State Bank of Pakistan, Central Directorate, Karachi.
   

   1. Upto Rs. 5,000/00 . .	00.06%
   	(minimum Re. 1/00)
   Over Rs. 5,000/00 . .	00.03%
   	(minimum Rs. 3/00)

Actual telegram charges to be charged in addition.

For Co-operative Banks and Societies the minimum exchange in Drafts and Mail Transfers for amounts up to Rs.5,000/- will be Re. 0.25 only.

Note:-- Additional facilities with regard to the remittance of funds will be made available to Provincial Co-operative Banks in Pakistan or States in Pakistan in conditions laid down by the State Bank in this behalf. There conditions can be ascertained from the Agricultural Credit Department, State Bank of Pakistan, Central Directorate, Karachi.

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