The State Bank of Pakistan (SBP) has asked banks for meticulous compliance with the directives issued on the Supreme Court of Pakistan and Prime Minister of Pakistan (SCP and PM) Diamer-Bhasha and Mohmand Dam Fund.

According to the SBP, in compliance with the directives of the Honorable Supreme Court of Pakistan in the Constitution Petition No.57/2016, the State Bank of Pakistan (SBP) prescribed the mode, manner and channels for collection and deposit of donations to the Fund.

Specifically, some three channels were made available to the domestic donors including counters of the banks, Alternate Delivery Channels (ADCs) and branchless banking.

Donors may deposit their donations and contributions at the counters of any branch of any bank in Pakistan, including microfinance banks, and remittance of donation so deposited to the principal account of the Fund at the SBP within 30 minutes through Pakistan Real-time Interbank Settlement Mechanism.

In order to facilitate donors and to obviate the need to visit the branches; Internet Banking, Automatic Teller Machines (ATMs) and other ADCs were also activated for collection and subsequent remittance thereof to the Fund Account at SBP; and

The commercial and microfinance banks offering Branchless Banking (BB) were directed to facilitate the donors in depositing donations through their BB agents.

Similarly, overseas donors were facilitated to deposit their donations by using wire transfer to SBP Nostro account with NBP, New York. Overseas Pakistanis may transfer funds through money service bureaus, money transfer operators and exchange houses and can also deposit donations at Pakistan missions and embassies abroad and branches of domestic banks abroad, besides transfer through Debit/Credit Cards.

The SBP said that the Supreme Court in its recent hearing observed that donors still encounter difficulties in depositing their donations, both locally and overseas.

Therefore, the banks have been directed that instructions, so far issued on Diamer-Bhasha and Mohmand Dam Fund, must be meticulously complied with especially with regard to display of banners and panaflex advertising "Donations To The Supreme Court Of Pakistan And Prime Minister Of Pakistan's Diamer Bhasha And Mohmand Dams Fund Are Accepted Here."

Copyright Business Recorder, 2019