Lahore: The State Bank of Pakistan (SBP) has increased the transaction limits for home remittances in order to facilitate pensioners and freelancers, a news source reported. Previously, SBP had allowed Authorised Dealers (ADs) to carry out Customer to Business (C2B) and Business to Customer (B2C) transactions through foreign correspondent entities, with certain limitations.
To further facilitate the overseas individuals, the bank has now revised the transaction limits for remittances upwards. The new limit for B2C transactions per individual on account of Freelance of Computer & Information System Services is USD 3,500. The previous limit was USD 1,500. Meanwhile, overseas Pakistanis can now remit up to USD 5,000 per person per month.
SBP has advised all ADs to notify their constituents about these changes, while keeping other instructions pertaining to the matter unchanged. The bank has warned all ADs that failing to implement the changes may invite a regulatory penalty under Section 23K of the Foreign Exchange Regulation Act 1947.
