SBP issues instructions to banks on PM corona relief fund

KARACHI: State Bank of Pakistan (SBP) has issued instructions to all commercial banks and microfinance banks regarding receiving payments under newly established PM COVID-19 Pandemic Relief Fund 2020.

In a circular issued on Thursday, the central bank said that the government had notified establishment of a relief fund, namely, Prime Minister’s COVID-19 Pandemic Relief Fund-2020, for providing relief and assistance to the people of Pakistan affected by the COVID-19 pandemic in the country. The Fund shall accept donations / contributions both from domestic and international sources.

The government has taken a number of steps with a view to enhance transparency in receipts into and payments out of the fund, including the following:

Cash balance of the Fund shall be kept separate from and independent of cash balance of the general government account;

Government shall commission separate audit reports on the receipts and payments of the Fund, including audit report by one of the local affiliates of big-four international accounting and auditing firms; and

The Fund will be administered by the Poverty Alleviation and Social Safety Division in consultation with the Finance Division.

The SBP said that a bank account of the Fund has been established for public donations as per the details given below:

Account Title: Prime Minister’s COVID-19 Pandemic Relief Fund-2020

Account No: 4162-786-786

IBAN: PK11NBPA0002004162786786

SWIFT code: NBPAPKKAMBR

Bank: National Bank of Pakistan (NBP)

Branch: Main Branch, I.I. Chundrigar Road, Karachi

The SBP said that the donors have been provided multiple options for making donation/ contribution to the Fund as described below:

A. Overseas Donors:

a. Wire Transfer:

Overseas donors including overseas Pakistanis may donate to the Fund through wire transfer to the Fund account detailed above. They would simply advise their respective banks to transmit the donation amount in the Fund account by debiting their accounts. The NBP shall transmit the donations received in the Fund account to SBP on daily-basis through ‘Real Time Gross Settlement’ (RTGS) system along with name of donor, country of residence and amount of contribution in both foreign currency and PKR.

b. E-Payment Gateway:

Donation / contribution can also be made to the Fund account through a link available at NBP website by using debit / credit cards.

c. Transfer through Money Service Bureaus, Money Transfer Operators and Exchange Houses:

Overseas donors may also donate / contribute through Money Service Bureaus (MSBs), Money Transfer Operators (MTOs) (e.g. MoneyGram, Western Union) and Exchange Houses (EHs) in line with the arrangements in place for receiving home remittances. Banks receiving such remittances shall transfer the same through RTGS to the above mentioned account of the NBP every thirty minutes during the banking hours, besides providing the details of their particulars [as specified under A(a) above] to them for the purpose of maintain the register.

B. Domestic Donors:

a. Cash Deposits at Banks’ Counters:

Donors and contributors may make their donations / contributions to the fund in cash at any branch of any bank operating in Pakistan, which shall transfer the amount of donations so received to NBP’s above mentioned account through RTGS after every 30 minutes during the banking hours. Similarly, donations/ contributions may also be made at any of the field offices of SBP Banking Services Corporation.

b. Deposit of Crossed Cheques in the Name of the Fund in Bank’s Drop Boxes:

The donors and contributors may make their donations / contributions to the Fund by dropping crossed cheques in the name of the Fund in their respective bank’s drop box. All banks shall make available drop box facility at their selected branches for donors where they may drop their crossed cheques in favor of the Fund. The banks shall, accordingly debit the customer’s account and transfer the proceeds through RTGS/IBFT to the Fund account at NBP.

c. Alternate Delivery Channels:

The donor may also use alternate delivery channels e.g. internet banking, mobile banking, automated teller machines (ATMs) and mobile wallets etc. to donate / contribute to the Fund account through Inter-Bank Fund Transfer Facility (IBFT). For this purpose, they will use the IBAN of the Fund given above.

Note: M/s 1-link will submit on daily basis the report of all donations routed through ADCs and IBFT to NBP by giving the particulars of donors including name, bank and branch of deposit, amount of donations etc.

d. E-Payment Gateway:

Donation / contribution can also be made to the Fund account through a link available at NBP website by using debit / credit cards.

NBP shall transfer all the receipts to SBP through RTGS for credit to the Fund account with SBP on daily basis.

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