Karachi: The State Bank of Pakistan (SBP) has approved the acceptance of donations and charity to flood-hit people via foreign remittances, with immediate effect, according to news published in the national dailies on September 13.
As per the details, the SBP has allowed foreign remittances on account of donations through the home remittance channel to facilitate the stakeholders to provide rehabilitation and relief support to the flood victims.
Moreover, the SBP made some amendments to the relevant sections of the Home Remittance Services guideline. There is no limit on funds under Consumer to Business (C2B) donations and charity received in specified provincial, local, and federal government bank accounts. It was disclosed that the charity or donations received from abroad in the bank accounts of charities, Non-Profit organisations (NPO), and Non-Governmental organisations (NGO) are permitted, without any limit, as far as they are in accordance with the law or policy. Likewise, under the Business to Business (B2B) transactions, the provincial, federal, and local governments can receive donations and charity in their bank accounts without any limit.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
