KARACHI: The State Bank of Pakistan (SBP) has further streamlined the process of reimbursement of TT charges against home remittances.

According to SBP, in order to further improve the submission and processing of claims, the reporting template issued with the erstwhile Circular Letter has been revised by adding a new column, “Transaction Booking Country”.

The authorized dealers will submit their claims for reimbursement of TT Charges using the revised template.

Remittances continue to decline, clock in at $2.1bn in November

Furthermore, the text of the certificate by the Head of Internal Audit Department of ADs as required has been amended by adding the following new clause: “The claim(s) do not include transactions that pertain to remittances received or credited in RDA (NRVA/NRBVA)”.

All other instructions on the subject will remain unchanged.

SBP said that these instructions are applicable with effect from January 01, 2023.

Copyright Business Recorder, 2023