Attention of Authorised Dealers is invited to the instructions relating to home remittances vide Circular letter No. Cir. 5 / FEP.1(95)-97 dated the 20^th February, 1997.

2. With a view to encourage overseas Pakistanis and others to use the normal banking channels for home remittances, and to protect the remitters / beneficiaries from any losses that they may incurr due to unwarranted delays in receipts of funds in the beneficiaries accounts, it has been decided that the banks shall put in place a mechanism, within a week which will interalia, ensure that :

1. In case where the beneficiary is maintaining its account at any branch at the district headquarters, the amount of remittance shall be credited within 48 hours (two working days) of the receipt of funds b the bank.

2. In case where the beneficiary is maintaining its account at any branch at tehsil or sub-divisional town, the remittance must be credited within 72 hours (3 working days) of the receipt of funds by the bank.

3. Where the beneficiary is maintaining the account at any branch in a village / rural area, the remittance must be credited in the beneficiary's account within 96 hours (four working days) of the receipt of funds by the bank.

3. In case where the remittance is credited in the beneficiary's account after the due date as given in para 2 above, the beneficiaries shall be entitled to a return of sixty five (65) paisa per thousand rupees per day for the number of days credit on account of remittance was delayed. The banks are, therefore, directed to ensure that the amount of remittances is credited to the beneficiary's account within time frame laid down in para 2 above. In case of delays in the crediting of remittances within the due date, they shall remunerate the beneficiaries at the rate given above.

4. A Complaint and Monitoring Cell has been set up in the State Bank which will receive complaints of remitters / beneficiaries, who have not been remunerated by the banks on account of delays.

5. Where a tendency is noted by the State Bank on the part of any bank, either through inspection or on the basis of the pattern of complaints, to delay the credit in the beneficiary's account, penalties shall be imposed on such banks under the provisions of the Banking Companies Ordinance, 1962.