KARACHI: The State Bank of Pakistan (SBP) on Saturday said that a customer will receive an electronic Proceeds Realisation Certificate (e-PRC) instantly as soon as funds are credited to the account.
When a customer receives funds from abroad in his/her account in rupees, banks issue them a proof of funds received called a PRC.
On the instructions of the SBP, banks have automated the issuance of such certificates and their verification.
The banks will also issue a statement of PRC (S-PRC) electronically to their customers, mentioning all remittances received by them from abroad during the year.
The PRC acts as proof that the funds such as workers’ remittances, export proceeds, equity investment, borrowing from abroad, etc. have been received and realised in rupees.
The beneficiary of funds can obtain this certificate upon receipt of funds in their bank account in Pakistan, or as cash over the counter from the bank.
The SBP said the S-PRC and e-PRC would be digitally issued in a standard format with a system-generated unique identification number.
With the introduction of this mechanism, the PRC verifying agencies like Pakistan Customs, Federal Board of Revenue and the SBP will be able to access the online verification portal of banks to verify e-PRCs and S-PRCs.
The central bank said that in recent years, it had taken many steps to digitise the processes related to interaction among customers, banks, SBP and other agencies.
Published in Dawn, August 7th, 2022