Remittances by banks: Special rules for packing and dispatch revised

ISLAMABAD: Ministry of Finance has revised special rules for packing and dispatch of remittances by the banks.

Finance Division has issued a notification here on Wednesday.

According to the notification, in exercise of the powers conferred by Section 42 of Public Finance Management Act, 2019, the federal government has further amended Federal Treasury Rules.

Jul-Jan home remittances rise 32pc YoY

Under the new rules, the procedure prescribed in rules 684 to 703 or such other instructions as may be issued by the State Bank of Pakistan to the extent of remittances between State Bank of Pakistan, its subsidiaries and the banking sector, with regard to packing and dispatch of remittances will be observed by the banks.

Earlier rules said the procedure prescribed in rules 684 to 703 with regard to packing and dispatch of remittances will be observed by the Bank, but in the absence of any special arrangements to the contrary made with the Agent, the Treasury Officer shall arrange for the actual conveyance and, where necessary, escorting of the remittances.

The provisions of sub-rule (4) of rule 700 vesting in the Collector the power to sanction the entertainment of extra Potdars do not apply in the case of Bank treasuries, old rules added.

Copyright Business Recorder, 2025