The State Bank of Pakistan (SBP) Tuesday extended the deadline for implementation on Inter-Bank Transfer of Home Remittances via Pakistan Real-time Interbank Settlement Mechanism (PRISM) MT 102, for three months. In order to ensure timely interbank domestic transfer of home remittances under the arrangement of Pakistan Remittances Initiative (PRI), SBP had allowed banks to use message type MT 102 in PRISM system, free of charge and with no limit on minimum amount. Accordingly, banks were asked to make necessary arrangements to comply with the instructions on priority basis by March 31, 2016.
However, on the request of banks, the SBP has decided to extend the date for implementation. Keeping in view the current level of readiness and technical issues being faced by banks with regard to the subject matter, it has been decided to extend the deadline till July 31, 2016. All other instructions on the subject shall, however, remain unchanged, the central bank said.