Karachi, January 17, 2019: In order to encourage banks to collect more funds for construction of Dams, State Bank of Pakistan (SBP) has announced to reimbursement of TT Charges on dam fund remittances transactions.
SBP has announced that the amount received by domestic banks from overseas Pakistanis as donations/contributions for the ‘Prime Minister and Chief Justice of Pakistan Fund for Diamer Bhasha and Mohmand Dam’ through home remittance channel shall be eligible to be claimed by the domestic banks on account of ‘Reimbursement of TT Charges Scheme’ during FY2018-19.
However banks have been asked to ensure that each transaction is transferred on the same day and that no transaction has been split to avail undue benefit under the Scheme. Each transaction shall include the name and/or unique reference number of the originator/sender.
All other terms and conditions/instructions on the matter will remain unchanged. SBP has warned that Failure to comply with the above mentioned instructions shall attract penal action under the relevant provision(s) of Foreign Exchange Regulation Act, 1947.