SBP exempts service charges on payment made to PM Corona Relief Fund

KARACHI: State Bank of Pakistan (SBP) has exempted services charges on donations made to Prime Minister Corona Relief Fund through payment cards.

The SBP in a statement on Tuesday said that it previously issued a circular on August 06, 2018 on Service Charges on Donations/ Payments to Supreme Court of Pakistan’s Diamer Bhasha and Mohmand Dam Fund through Payment Cards.

In this regard, it has been decided that the scope of the Circular would also cover Payments/Donations made to the Prime Minister’s as well as provincial governments’ Covid19 Pandemic Relief Funds.

Accordingly, all issuing and acquiring banks in Pakistan shall not charge any service fee including Interchange Reimbursement Fee (IRF), Merchant Discount Rate (MDR), Merchant ID Fee, on boarding fee or any other fee that may be applicable on any transactions made to the said account.

The issuing and acquiring banks/microfinance banks/payment schemes are advised to meticulously comply with these instructions.

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