SBP Allows Flood Donations Through Foreign Remittance

The State Bank of Pakistan (SBP) has allowed foreign remittances on account of donation and charity for flood relief efforts through home remittance channel with immediate effect in order to facilitate overseas Pakistani and foreign donors.

According to the details, the SBP has allowed banks to receive foreign remittance from Business to Customer (B2C) and Customer to Business (C2B) transactions through home remittance channel.

The SBP added that no limit will be placed on Consumer to Business (C2B) foreign remittance received as donation or charity towards designated bank accounts of Federal, Provincial, and Local Government as well as bank accounts of NGOs, NPOs, and Charities, which are permitted to receive contributions from abroad in accordance with applicable laws.

Furthermore, there is also no limit on Business to Business (B2B) foreign remittance received as donations to the accounts mentioned above.

Read more: No Restriction on Import of Raw Materials, Clarifies SBP.

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