KARACHI: The State Bank of Pakistan on Tuesday allowed Umrah organisers to send remittances through banking channels to Saudi Arabia in a bid to stop illegal transactions of currencies from the country.
“In order to facilitate Umrah Organisers to meet Umrah related expenses on account of Pakistani pilgrims in Saudi Arabia such as accommodation, transportation etc, the State Bank of Pakistan has allowed AuthoÂrised Dealers to affect (send) remittances on behalf of Umrah Organisers directly to vendors/services providers in Saudi Arabia through banking channel,†said a circular issued by the SBP.
Authorised Dealers have also been allowed to affect advance remittaÂnÂces on behalf of Umrah Organisers for making prior arrangements regarding the above mentioned services in Saudi Arabia.
“The State Bank expects that while the above remittance mechanism would enable Umrah Organisers to conduct their operations smoothly, it would also help in minimising the possibility of funds transfer through informal channels from Pakistan,†said the circular.
Earlier the State Bank had allowed authorised dealers to carry out Hajj related remittances on behalf of Hajj Group Organisers to Saudi Arabia through interbank market, the statement added.
