SBP to discontinue airtime incentive for USD remittances

By MG News | September 21, 2023 at 05:23 PM GMT+05:00

0:00

September 21, 2023 (MLN): The incentive of airtime equivalent to Rs2 per USD allowed by the Government of Pakistan will no longer be available or valid after thirty days, the latest circular issued by the Banking Policy & Regulations department of State Bank of Pakistan (SBP) notified today.

To note, this incentive was last amended in 2018 to further facilitate banks to promote Home Remittances through BB Channel.

It is important to note that claims related to the M-Wallet Scheme, which were made under the incentive mentioned above, submitted on or before January 31, 2023, will still be eligible for reimbursement as per the existing procedure.

However, no claim will be accepted after this deadline.

Moreover, all other instructions on the subject will remain unchanged.

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