Circulars/Notifications - Exchange Policy Department  
 EPD Circular Letter No. 12 of 2022

August 17, 2022

The Chief Executives of all
Exchange Companies.

Dear Sirs/Madam,

Disbursements of Inward Home Remittances by Exchange Companies
as Sub-Agent of Authorized Dealers (ADs)


  Attention of Exchange Companies (ECs) is invited to instructions contained in Para 9 (ii), Chapter 3 of Exchange Companies Manual regarding the business of inward home remittances.

  1. In order to facilitate the disbursement of home remittances, Exchange Companies (ECs) are henceforth allowed to enter into agreements with the Authorized Dealers (ADs) to act as their sub-agents for disbursement of home remittances in PKR to beneficiaries, received by ADs through their international tie-ups.

  2. As home remittance disbursement sub-agent of ADs, ECs are advised to ensure the following:
    1. No home remittances related incentive, as provided by the Government of Pakistan, shall be claimed by the ECs for the transactions disbursed as sub-agent of an AD. ECs shall also not recover any funds from remittance recipients. However, ADs can share with ECs any part of incentive for home remittances, as provided to ADs by the government.
    2. All such transactions shall be recorded by the ECs in their Core Business Application on real time basis; however, ECs are not required to report such disbursements to SBP under ITRS, as ADs are reporting such transactions to State Bank under ITRS.
    3. The amount disbursed under such agreement shall not be accounted for the calculation of outward remittance limit, as prescribed in Para 9(iii) (c) ibid.

  1. All other terms and conditions shall remain unchanged.

  2. Failure to comply with the above instructions shall attract enforcement action against the concerned Exchange Company under the relevant provisions of the Foreign Exchange Regulation Act, 1947.


Yours truly,


(Athar Ghafoor)
Additional Director

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