Attention of Authorized Dealers (ADs) is invited to F.E. Circular No. 11 dated October 22, 2018 and EPD Circular Letter No. 14 dated November 25, 2019 in terms of which overseas Pakistanis have been allowed to remit Business to Customer (B2C) and Customer to Business (C2B) transactions through home remittance channel.

1. In order to further facilitate freelancers, it has been decided that, henceforth, following transaction limits shall apply effective immediately:
   
   

   S.No.	Transaction Type	Transaction Limit
   1	Freelance of Computer and Information Systems Services	Equivalent to USD 25,000/ individual/month
   2	Other Freelance Services	Equivalent to USD 25000/ individual/month

   
   
   
2. ADs are advised to develop risk-based standard operating procedures (SOPs) to handle all such transactions, particularly those freelance transactions which are above USD 5,000/ individual/ month:



1. Banks shall conduct appropriate due diligence of the transactions and shall ensure that the transactions are in line with risk profile of the customer(s).
2. Banks shall obtain details of the underlying services that are provided against receipt of funds in Pakistan. These details, to be obtained from the customers, shall be inclusive of but not limited to the portal’s name (if any) through which services are acquired, counterparty acquiring the services, nature of the services etc.
3. Banks shall monitor progress and maintain record of such transactions.

3. All other instructions on the subject shall remain unchanged.
   
   
4. ADs are advised to bring the same to the notice of all their constituents.