I AM a retired banker who is now engaged in providing consultancy services in consumer financial services. In this connection, I receive remittance for my professional services through a foreign private bank that does not have any standard for treating its customers, including their former staff.

The rate applied for the last two months on foreign remittance was much below the inter-bank prevailing rate but on my complaint after three to four days the bank reversed the original transaction and provided credit by applying the correct rate.

This month again they have applied a rate of Rs92.35 to $1 against the prevailing inter-bank rate of above Rs94 to a $1.

It appears that the bank is robbing the poor people who receive foreign exchange for their family’s support and other purposes by a minimum of Rs2 per dollar.

I have the proof of the reversals reflected in my savings account.

Will the State Bank and other authorities take a serious note of the issue and help the poor who are being deprived of thousands of rupees every month.


More From This Section

Foreign intelligence intervention

SPEAKING to the Senate Foreign Relations Committee about unrest in parts of eastern Ukraine, US Secretary of State...

FCR: Fata woes

THE tribal people are controlled under the black law known as the Frontier Crimes Regulation (FCR). The tribal ...

Draft labour policy

APROPOS the news report ‘Anomalies in labour policy draft pointed out’ (April 11), it is mentioned: “It...

Hazardous cooking oil

THIS is apropos the reports ‘Import of hazardous cooking oil’ (April 11) and ‘China, India face huge cancer...

Comments are closed.

Comments (7)

True Pakistani
July 9, 2012 12:53 pm
- can you elaborate a little, sir. thanks for the suggestion.
July 9, 2012 3:15 pm
Well, I send money occasionally to Pakistan and for some reason none of the financial institutes I have used in my experience paid the current foreign exchange rate. This is despite paying the bank fees separately. I failed to understand this - can someone explain how these transactions works?
July 9, 2012 6:16 pm
Is it possible to find any kind of honesty in Pakistan?
True Pakistani
July 9, 2012 3:50 pm
- they not only do not pay the going rate of exchange they charge you 10 % fee. it is, unfortunately, gouging all around. they know they have got you . . .
True Pakistani
July 9, 2012 4:03 am
- i am a pakistani national living and working in canada. i have saved some money over the years. i am planning to relocate to pakistan in the near future. but i am having problem with taking / transferring my savings with me to pakistan. can any of the readers of this column advise me how best can i accomplish this transfer of money without being penalized? thanks in advance.
amjad hussain
July 9, 2012 6:16 am
Change your bank!
July 9, 2012 11:37 pm
Only option available is to carry the cash in a briefcase just like Rahat Fateh Ali Khan.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Front Page