Banks to open remittance payment centres
The decision has been taken keeping in view the increasing home remittances and their importance for the economy, the SBP said in a circular on Saturday.
Remittances sent home by overseas Pakistanis soared 16.8 per cent to $5.29 billion in the first half (July-December) of the current fiscal year 2010-11, in line with an increasing trend over the last two years after the government tightened the noose around an illegal transfer system.
Remittances rose by $761.23 million when compared with $4.53 billion received in the same period of the last fiscal year.
According to the circular, for the purpose of opening the dedicated home remittance payment centres, the central bank has decided to enhance the scope of permanent booths given in the Branch Licensing Policy (BLP). Therefore, a sub-para has been added to para-22 (Chapter 2) of BLP which says:
“Payment to home remittance beneficiaries via cash, demand draft and pay orders. In addition, such home remittance payment centres (permanent booths) would also be allowed to perform the functions of sales and service centres.”
Published in The Express Tribune, January 16th, 2011.
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