KARACHI: The State Bank of Pakistan (SBP) has revised fee on funds transfers/remittances under the remittance facility to banks.

According to PSD Circular No 1/2012, issued to all banks/DFIs, a flat fee of Rs 1000 per transaction for each fund transfer instruction will be charged with immediate effect.

It may be added here that according to earlier instructions, the SBP had levied a uniform rate of 0.07 percent on all funds transfers or remittances under the remittance facility to banks.