Home Remittances
Attention
of Authorized Dealers is invited to the instructions relating
to Home Remittances issued vide FE Circular No. 40 dated
July 21, 1998. The said instructions are revised hereunder:
2. With a view to encourage overseas Pakistanis and others
to use banking channels for home remittances, and to protect
the remitters / beneficiaries from any losses that they
may incur 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 as per PSD
Circular No. 02/2009 dated August 22, 2009, within a week
which will, interalia, ensure that :
i. In case where the beneficiary is maintaining its account
within the same bank, the amount of remittance will be
credited to the beneficiary’s account instantly.
ii. In case where the beneficiary is maintaining its account
with bank other than the recipient bank, the recipient
bank will intimate and give credit of the same to the
other bank as per guidelines in PSD Circular No. 02/2009
dated August 22, 2009, however maximum within 24 hours
of the receipt of funds. The bank maintaining the account
of the beneficiary, after receiving intimation and funds
from the recipient bank, will give credit to the beneficiary’s
account instantly.
iii. In case where the payment is required to be made
through Pay Order/ Demand Draft to the beneficiary, the
bank will issue and dispatch the same within the 24 hours
of the receipt of funds by the bank.
iv. In case where the banks are offering the facility
of cash over the counter to the beneficiary, the banks
shall ensure the availability of the funds instantly.
3. In case where the amount of remittance is not credited/
paid to the beneficiary as given in para 2 above, the beneficiary
shall be entitled to a return of sixty five (65) paisa per
thousand rupees per day for the number of days credit/payment
on account of remittance was delayed. The banks are, therefore,
directed to ensure that the amount of remittances is credited/
paid to the beneficiary within time frame laid down in para
2 above. In case of delays in the crediting/ making payment
of remittance amount, they shall remunerate the beneficiaries
at the rate given above.
4. 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/ making of
payment to the beneficiary’s account, penalties shall
be imposed on such banks under the provisions of the Banking
Companies Ordinance, 1962.