Business

Banks to issue remittance certificates electronically

Digitisation of process will facilitate general public, bring efficiency

Our Correspondent August 07, 2022

The drop in the inflow of workers’ remittances has contributed to the depreciation of the rupee. photo: file

KARACHI:

Banks have automated the issuance of Proceeds Realisation Certificate and its verification, in line with instructions of the State Bank of Pakistan (SBP).

“Now a customer will receive an electronic PRC (e-PRC) instantaneously as soon as funds are credited in the account. Furthermore, banks will issue a statement of PRCs (S-PRC) electronically to their customers, mentioning all remittances received by them from abroad during a year,” said the SBP in a circular issued on Saturday.

PRC is a proof of funds issued by banks when a customer receives them from abroad in his account in Pakistani rupee.

PRC shows that funds such as workers’ remittances, export proceeds, equity investment, borrowing from abroad, etc have been received from abroad and realised in Pakistan in rupees.

The beneficiary of funds can obtain this certificate upon receipt of funds in his bank account in Pakistan, or as cash over the counter, from a bank.

S-PRC and e-PRC will be digitally issued in a standard format with a system generated unique identification number.

With the introduction of this mechanism, according to the SBP, PRC verifying agencies like Pakistan Customs, the Federal Board of Revenue (FBR) and the SBP will be able to access the online verification portal of banks to verify e-PRCs and S-PRCs.

The State Bank said that in recent years it had taken many steps to digitise the processes related to interaction among customers, banks, the SBP and other agencies with the broader objective of facilitating the general public and businesses in order to improve ease of doing business and bring efficiency.

These include Roshan Digital Account, Asaan Mobile Account, Raast, Customers’ Digital Onboarding Framework and Electronic Warehouse Receipt Financing.

Published in The Express Tribune, August 7^th, 2022.

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