As
you are aware, development of smooth & efficient system
for delivery of home remittances is on active agenda of
SBP. In pursuance of its goal, State Bank of Pakistan
has always been actively engaged in facilitating banks
in their efforts for mobilizing additional remittances.
At the same time, the increasing interest of the banks
in improving their service levels is also commendable.
In the above backdrop, the number of Home Remittances
related arrangements between banks and other entities
are on the rise. In order to support and facilitate banks
in their diligence process, before finalization, the banks
are henceforth required to forward to this department
draft of all Home Remittances related agreements intended
to be made with other entities both within and outside
Pakistan. This department will provide its input, if any,
on the draft agreements so received but the ultimate responsibility
to adequately safeguard their interest would remain on
the banks.