Finance Ministry Revises Rules for Packing and Dispatch of Remittances by Banks

The Ministry of Finance has amended the Federal Treasury Rules, revising procedures for the packing and dispatch of remittances by banks. The changes were notified on Wednesday under Section 42 of the Public Finance Management Act, 2019. Under the new rules, banks will now follow procedures outlined in rules 684 to 703 or any instructions issued by the State Bank of Pakistan (SBP) for remittances between SBP, its subsidiaries, and the banking sector. This replaces the previous requirement, where treasury officers were responsible for arranging the conveyance and escorting of remittances unless special arrangements were made with the Agent. The authority of Collectors to approve extra Potdars, as stated in sub-rule (4) of rule 700, will no longer apply to bank treasuries.