HOME REMITTANCES ARRANGEMENTS
|EPD Circular Letter No. 05||May 30, 2008|
As you are aware, development of smooth & efficient system for delivery of home remittances is on active agenda of SBP. In pursuance of its goal, State Bank of Pakistan has always been actively engaged in facilitating banks in their efforts for mobilizing additional remittances. At the same time, the increasing interest of the banks in improving their service levels is also commendable.
In the above backdrop, the number of Home Remittances related arrangements between banks and other entities are on the rise. In order to support and facilitate banks in their diligence process, before finalization, the banks are henceforth required to forward to this department draft of all Home Remittances related agreements intended to be made with other entities both within and outside Pakistan. This department will provide its input, if any, on the draft agreements so received but the ultimate responsibility to adequately safeguard their interest would remain on the banks.