In order to streamline the payment procedure, the State Bank of Pakistan (SBP) has asked all banks and Exchange Companies to pay penalties, exchange gains, license and other fees through electronic payment mechanism in Real Time Gross Settlement (RTGS) clearing accounts. The SBP on Tuesday issued three different circulars, two for the banks and one for the Exchange Companies for direct deposit of fee and other payments directly into RTGS accounts.
Now the payments of various fees to SBP by all scheduled banks and microfinance banks will be directly deposited into dedicated RTGS account. Previously, the fees was being paid through the bank's authority letter for debiting their current account maintained with SBP Banking Services Corporation (Bank) duly signed by the bank's authorized signatory or through cheque in the name of SBP.
According to BPRD Circular Letter No. 31 of 2017, the decision has been taken with an aim to streamline the payment procedure through more efficient electronic payment mechanism. Henceforth, banks and microfinance banks will submit the requisite fees via RTGS Clearing Account No. 427515. Banks and microfinance have been asked to deposit Annual Branch Expansion Plan Processing Fee, Duplicate License Fee, Annual Fee - Bank/Branch Licenses, Shifting Fee-Branches, Processing Fee (Islamic Banking Window), Annual Fee (Islamic Banking Window) and Merger Processing Fee in RTGS Clearing Account No. 427515.
The SBP has also directed that the banks & microfinance banks to provide copies of relevant deposit/payment receipt(s) issued by bank(s) and inform the Banking Policy & Regulations Department in writing about the said payment(s). In another circular issued on Tuesday, SBP has asked Authorized Dealers to deposit the amount of penalty/exchange gain with the State Bank through RTGS Clearing Account No. 427518.
Previously, banks were required to recover penalties/exchange gains and deposit the same with the Exchange Policy Department SBP or Foreign Exchange Operations Department, SBP-Banking Services Corporation through Demand Draft/Payment Order. As per fresh directives, a consolidated statement in respect of all such cases will also be submitted by Head/Principal Offices of the Authorized Dealers to the Director, Foreign Exchange Operations Department, SBP-Banking Services Corporation on monthly basis as per the described formats.
The SBP has also made the payment of exchange companies' fee through RTGS to streamline these payments procedure as well. Henceforth, Exchange Companies and Exchange Companies of 'B' Category will deposit the fees in two different RTGS Clearing Accounts through bank. Exchange Companies have been directed to pay the renewal of license of Exchange Company and Exchange Company of 'B' Category fee into RTGS Clearing Account Number 427516.
In addition, remaining fees including in-Principle approval for Annual Network Expansion Plan to establish new outlets by Exchange Company, substitution of outlet location in approved Annual Network Expansion Plan by Exchange Company and relocation of outlet of Exchange Company and Exchange Company of 'B' Category will be deposited in RTGS Clearing Account Number 427517.
Earlier, as per Exchange Companies Manual 2016 and other related instructions related to payment of fees to State Bank was being made through pay order/bank draft. Further, while submitting requests for the Annual Network Expansion or relocation, Exchange Companies and Exchange Companies of 'B' category will provide relevant deposit/payment receipt(s) issued by bank(s) as evidence of having paid the applicable fees.