Banks to Provide Remittance Recipients with Computerized Proceeds Realization Certificates

 

 

Banks to Provide Remittance Recipients with Computerized Proceeds Realization Certificates

Banks to Provide Remittance Recipients with Computerized Proceeds Realization Certificates

Banks provide customers a Revenue Realization Certificates as evidence of cash received when they accept money from overseas in their PKR accounts (PRC).

Banks have mechanized the issuing of these certifications as well as their authentication, per the State Bank of Pakistan's (SBP) guidelines. Therefore, as when funds is transferred to an account, a client will instantly obtain an electronic PRC (e-PRC). In addition, banks will digitally provide their clients a Report of PRCs listing all remittances they collected from overseas throughout the year.

PRC serve as evidence that money obtained from overseas and realized in Pakistan in PKR, such as workers ’ remittances, export revenues, private equity, and loans from offshore.

The recipient of the money may pick up this certification from the bank in person or as money upon acceptance of the payments in his or her Pakistani financial institution. S-PRC and e-PRC will be digitally issued in a standardized manner with an individualized identifying number produced by the system. In order to check e-PRCs and S-PRCs, PRC verifying authorities including Pakistan Customs, FBR, and SBP will now have connectivity to the digital confirmation site of banks.

Roshan Digital Account, Asaan Mobile Account, Raast, Customers' Digital Enablement Structure, Electronic Automated Storage and retrieval Financing, and Benchmark for Passcodes are just a few of the initiatives the State Bank of Pakistan has undertaken in latest years to create a digital aspects relating to engagement between clients, financial institutions, SBP, as well as other organisations with the wider goal of enabling the public at large and business owners to enhance the convenience of doing business and achieve excellence.

 

Banks to Provide Remittance Recipients with Computerized Proceeds Realization Certificates

 

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Location: Pakistan

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