The Presidents / Chief Executive Officers

All Banks

Dear Sir/Madam,

Revised Pakistan Remittance Initiative (PRI) Format – Incorporation of

International Bank Account Number (IBAN) Standard

In order to reduce transcription errors in PRI payments, it has been decided to include an IBAN field in ‘Annexure B’ and ‘Annexure C’ of PSD’s Circular No. 2 dated August 22, 2009. The following changes are to be incorporated in ‘Annexure B’ and ‘Annexure C’ by the banks:

1. IBAN field with a fixed length of 24 characters has been included. IBAN information in this field to be sent by overseas remitters is optional until June 30, 2015 after which it will be mandatory.
2. The Beneficiary’s Account Number field length has been increased from 20 characters to 25 characters.

Banks are advised to incorporate the above mentioned changes in their PRI related applications by March 31, 2015. They are also advised to take necessary steps for raising awareness among remitters and beneficiaries about this change / adoption.

All other instructions issued under PSD’s Circular No. 2 dated August 22, 2009 will remain unchanged. The contact person in this regard is Mr. Muhammad Ali, Joint Director (e mail:[email protected] phone: 021- 32453402).

Please acknowledge receipt.
Encl: Revised Annexure B, Annexure C