KARACHI: The State Bank of Pakistan has ended the Telegraphic Transfer Charges Incentive Scheme (TTCIS), which reimbursed banks for remittance charges, effective July 1, a circular said on Thursday.
However, the central bank instructed authorised dealers (ADs), which are commonly known as banks, to continue implementing the scheme while maintaining its key features. Additionally, the SBP has directed ADs to ensure that home remittance transactions that meet the criteria of the scheme remain free of cost for both senders and recipients.
The circular also instructed financial institutions and exchange companies to inform their customers about the change.Last year, the SBP revised this scheme by increasing the minimum eligible transaction size to $200. Additionally, the rebate structure was simplified to a flat rate of SAR 20 per eligible transaction. Furthermore, exchange companies were included in the scheme, alongside ADs and microfinance banks.
