SBP al­lows deal­ers to re­mit for­eign ex­change for Hajj oper­a­tions

The Pak Banker - - FRONT PAGE - Staff Re­port

State Bank of Pak­istan (SBP) has de­cided to al­low the Au­tho­rized Deal­ers (ADs) to re­mit for­eign ex­change (Saudi Riyals) on be­half of the Hajj Group Or­ga­niz­ers hav­ing been al­lo­cated quota by the Min­istry of Re­li­gious Af­fairs & In­ter­faith Har­mony ( MORA) un­der the Pri­vate Hajj Scheme for Hajj-2015.

The cen­tral bank has is­sued de­tails in­struc­tions to Au­tho­rized Deal­ers re­lated to re­mit­tance trans­fer pol­icy and mech­a­nism for op­er­at­ing ser­vice of fa­cil­i­ta­tor of Ha­jjis.

Au­tho­rized Deal­ers, on be­ing ap­proached, shall open a new Rupee Ac­count in the name of en­listed HGO (re­ferred here­un­der as ' des­ig­nated ac­count in Pak­istan') specif­i­cally for the pur­pose of Hajj re­lated re­mit­tances to Saudi Ara­bia. While open­ing and op­er­at­ing these ac­counts, ADs are ad­vised to strictly fol­low SBP's AML/KYC guide­lines and en­sure com­pli­ance of all re­lated rules and reg­u­la­tions is­sued from time to time.

They shall ob­tain all nec­es­sary doc­u­ments from the con­cerned en­listed HGO in­clud­ing au­then­ti­cated copies of quota al­lo­ca­tion letters is­sued by MORA.

The bank ac­count of the en­listed HGO shall be opened in its busi­ness name with suf­fix "Hajj". For the pur­pose of ef­fect­ing Hajj re­lated re­mit­tances to Saudi Ara­bia, each en­listed HGO is per­mit­ted to main­tain only one ac­count with the AD of its choice. In this re­spect, be­fore open­ing the ac­count, AD shall ob­tain an un­der­tak­ing from the en­listed HGO that it is not main­tain­ing such ac­count with any of the other ADs or any other branch of the same AD for this pur­pose. At­ten­tion of Au­tho­rized Deal­ers is also in­vited to­wards the pro­ce­dure/guide­lines is­sued by Saudi Author­i­ties for open­ing of bank ac­count by the HGOs which, in­ter alia, make it manda­tory for each en­listed HGO to open a Saudi Riyal ac­count in any of the banks in Saudi Ara­bia.

The ADs will be per­mit­ted to de­posit Rupee funds re­ceived from in­tend­ing pil­grims by the HGO whereas they shall ob­tain the list of in­tend­ing pil­grims from con­cerned HGOs con­tain­ing de­tails about the in­tend­ing pil­grims in­clud­ing Name, ad­dress and con­tact de­tails, Pass­port No. and HGO Hajj Pack­age opted.

ADs shall al­low re­mit­tances from in­ter­bank against the Rupee funds col­lected by HGOs in terms. The re­mit­tances shall only be des­tined to the spec­i­fied bank ac­count of con­cerned HGO in Saudi Ara­bia. The re­mit­tances shall only be made for the pur­poses of ex­penses of hous­ing, cater­ing, trans­porta­tion, guides, sub­sis­tence re­quire­ments and charges of the Min­istry of Hajj in re­spect of in­tend­ing pil­grims per­form­ing Hajj from the quota al­lo­cated to the con­cerned HGO against au­then­ti­cated un­der­ly­ing con­tracts with ser­vice providers in Saudi Ara­bia. The HGOs shall pro­vide per pil­grim per ser­vice for­eign ex­change re­quire­ments to ADs for the ser­vices in terms of re­lated pack­age. ADs shall make re­mit­tances for such ser­vices af­ter due ver­i­fi­ca­tion keep­ing in view the to­tal quota al­lo­cated to the con­cerned HGO un­der the Pri­vate Hajj Scheme for Hajj-2015. How­ever, in any case, the to­tal per pil­grim re­mit­tances to the bank ac­count of en­listed HGO in Saudi Ara­bia should not ex­ceed 80% of the Hajj Pack­age be­ing of­fered to in­di­vid­ual pil­grim.

In case ag­gre­gate re­mit­tance against all ser­vices by an HGO on any given day ex­ceeds US$ 100,000/-, the con­cerned HGO will ap­proach Ex­change Pol­icy Depart­ment, SBP, Karachi along with re­lated de­tails and Form 'M' through the con­cerned AD for prior ap­proval. It is manda­tory for HGOs to trans­fer the bal­ances held in their ac­counts in Saudi Ara­bia af­ter com­ple­tion of Hajj sea­son to their des­ig­nated bank ac­counts in Pak­istan. In this re­spect, the ADs shall ob­tain au­then­ti­cated doc­u­men­tary ev­i­dence from the HGOs to the ef­fect that they have closed their bank ac­counts in Saudi Ara­bia.

ADs shall en­sure that they have re­ceived back the en­tire bal­ances avail­able in the bank ac­counts of HGOs in Saudi Ara­bia at the time of their clo­sure and have cred­ited the same af­ter con­ver­sion into the des­ig­nated Rupee ac­counts of HGOs main­tained with them. HGOs shall have the op­tion to with­draw or trans­fer these Rupee funds to any other Rupee ac­count. ADs shall mark the ac­counts of HGOs as in­ac­tive/in­op­er­a­tive on or be­fore last day of Mo­har­ram, 1437 A.H. In case of repa­tri­a­tion of funds men­tioned in pipeline, the ac­counts shall be marked as in­ac­tive/in­op­er­a­tive latest by 7th Saf­far, 1437 A.H.

ADs will ob­tain from the re­spec­tive HGOs the Recog­ni­tion Let­ter (RL) is­sued by the MORA on yearly ba­sis. In case the RL is not pro­duced by any HGO for any rea­son, the AD shall close the ac­count of that HGO im­me­di­ately.

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