Banks to issue Proceeds Realisation Certificates electronically

KARACHI: On the directives of State Bank of Pakistan (SBP), banks have automated the issuance of Proceeds Realisation Certificates (PRCs) and their verification against receipt of funds from abroad.

When a customer receives funds from abroad in his/her account in PKR, banks issue a proof of funds received called Proceeds Realisation Certificate (PRC). Now a customer will receive an electronic PRC (e-PRC) as soon as funds are credited in his/her account, according to sources.

The banks will also issue Statements of PRCs (S-PRCs) electronically to their customers, mentioning all the remittances received by them from abroad during the year.

The PRC acts as proof that the funds, such as workers’ remittances, export proceeds, equity investment, and borrowing from abroad, have been received from abroad and realised in PKR. The beneficiary of the funds can obtain this certificate upon receipt of funds in his/her bank account in Pakistan, or as cash over the counter, from the bank.

The S-PRC and e-PRC will be digitally issued in a standard format with a system-generated unique identification number. With the introduction of this mechanism, PRC verifying agencies like the Pakistan Customs, Federal Board of Revenue and SBP will be able to access the online verification portal of banks to verify e-PRCs and S-PRCs.

In recent years, SBP has taken many steps for digitalising the processes related to interaction among the customers, banks, SBP and other agencies with the broader objective to facilitate the public and businesses in order to improve ease of doing business and bring efficiency, including with regard to the Roshan Digital Account, Asaan Mobile Account, Raast, Customers’ Digital Onboarding Framework, Electronic Warehouse Receipt Financing, Standard for QR Codes for Payments, Digitisation of refinance process of Export Finance Scheme and Regulatory Approval System.

Copyright Business Recorder, 2022