expat_loyal
Councller (250+ posts)
Recently Meezan bank has put a ban on Online fund transfer facility for Non resident Pakistanis. The are referring to an old State bank regulation vide Chapter 8 of Foreign Exchange Manual 2018 which says about specific Credit and Debit transactions for Non Resident customers are allowed only after submission of Form A-7 which is duly signed by the account holder. Hence, transactions in NRP accounts can only be allowed by Bank after satisfying with the purpose of transaction which should be in line with purposes allowed in stated chapter of FE manual. Therefore, Fund transfer IBFT facility is terminated for NRP accounts accordingly. But question is that how a Non resident Pakistani will fulfill this requirement and the for Non Resident Pakistani the only option is to transfer funds using Online source. How can a non Resident Pakistan can write check or prepare pay order........
On one hand Non residents are major source of foreign exchange on other hand if there will be restrictions like this than how would they use banking channels to do their legitimate transaction from abroad???? Plus all these transactions were source of WH taxes for government.
