SBP directs authorised dealers to digitalise PRC process by Aug 29

KARACHI: The State Bank of Pakistan (SBP) has instructed authorised dealers (ADs) to ensure implementation of digital issuance and verification of electronic proceeds realisation certificate (e-PRC) and the statement of PRCs (S-PRCs) by August 29, 2022.

PRC acts as a proof that funds such as workers’ remittances, export proceeds, equity investment, borrowing from abroad, etc. have been received from abroad and realised in Pakistan in the rupee.

“In order to provide convenience to the banking customers, ADs were advised to digitalise the process of the issuance and verification of PRCs on account of receipt of remittances from abroad through ADs. They are now advised to ensure implementation of digital issuance and verification of e-PRCs and S-PRCs by August 29, 2022,” SBP press release said.

On instructions of the central bank, banks and exchange firms have to automate issuance of such certificates and their verification.

A customer will receive e-PRC instantaneously as soon as funds are credited in the account.

Further, authorised dealers will also issue an S-PRC, electronically, to their customers mentioning all remittances received by them from abroad during the year.

“ADs may issue e-PRC upon realisation of funds received from abroad through ADs, as per the standard format of e-PRC (Annexure V-148) and S-PRCs (Annexure V-149),” the central bank said.

“ADs are required to follow the guidelines with respect to automated issuance and verification of e-PRCs and S-PRCs (Annexure A).

ADs shall provide complete digital solution under ‘same bank model’ and ‘different bank model’ as defined in the guidelines,” it added.

The beneficiary of funds can obtain the certificate upon receipt of funds in his/her bank account in Pakistan, or as cash over the counter, from the dealers. S-PRC and e-PRC would be digitally issued in a standard format with a system generated unique identification number, the central bank said.

With introduction of the mechanism, PRC verifying agencies like Pakistan Customs, the Federal Board of Revenue (FBR) and SBP will be able to access the online verification portal of banks to verify e-PRCs and S-PRCs.

In recent years, SBP has taken many steps to digitalise the processes related to interaction among the customers, banks, SBP and other agencies with a broader objective to facilitate the general public and businesses in order to improve ease of doing business and bring efficiency.

The programs include Roshan Digital Account, Asaan Mobile Account, Raast, Customers’ Digital Onboarding Framework, Electronic Warehouse Receipt Financing, standard for QR Codes for payments, digitisation of refinance process of Export Finance Scheme, and Regulatory Approval System.