SBP allows reimbursement charges to banks against donations to Dam Fund

KARACHI: State Bank of Pakistan (SBP) has allowed banks to claim for reimbursement charges against processing donations received from overseas Pakistanis for Dam fund.
The central bank on Wednesday issued a notification related to ‘Eligible Transactions under Reimbursement of T.T Charges Scheme/Diamer Bhasha and Mohmand Dam Fund’.
The SBP said that it had been decided that with immediate effect:
i. 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.
ii. Each transaction shall include the name and/or unique reference number of the originator/sender.
iii. Banks shall ensure that each transaction is transferred on the same day and that no transaction has been split to avail undue benefit under the Scheme.
Failure to comply with the above mentioned instructions shall attract penal action under the relevant provision(s) of Foreign Exchange Regulation Act, 1947, the SBP said.

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