The State Bank of Pakistan has allowed all banks to open dedicated Home Remittance Payment Centres with immediate effect.
This decision has been taken by the State Bank keeping in view the rising trend in home remittances and their importance for the economy.
According to BPRD Circular No 2) issued on Saturday, for the purpose of opening of dedicated Home Remittance Payment Centres, the State Bank has decided to enhance the scope of Permanent Booths as given in Para-22 (Chapter-2) of the Branch Licensing Policy (BLP) which was revised in terms of BPRD Circular No 15 of 12th October, 2007.
Therefore, the following sub-Para (iv) has been added to para-22 (Chapter 2) of BLP with immediate effect: iv) 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 & Service Centres as mentioned in Para- 19 of the BLP.
All other instructions on the Branch Licensing Policy shall remain unchanged, the Circular added.
This decision has been taken by the State Bank keeping in view the rising trend in home remittances and their importance for the economy.
According to BPRD Circular No 2) issued on Saturday, for the purpose of opening of dedicated Home Remittance Payment Centres, the State Bank has decided to enhance the scope of Permanent Booths as given in Para-22 (Chapter-2) of the Branch Licensing Policy (BLP) which was revised in terms of BPRD Circular No 15 of 12th October, 2007.
Therefore, the following sub-Para (iv) has been added to para-22 (Chapter 2) of BLP with immediate effect: iv) 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 & Service Centres as mentioned in Para- 19 of the BLP.
All other instructions on the Branch Licensing Policy shall remain unchanged, the Circular added.
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