In accordance with the State Bank of Pakistan’s directions, banks have computerized the issue of Proceeds Realization Certificates and their verification (SBP).
“Now, as soon as money are credited to the account, a customer will promotes positive an electronic PRC (e-PRC). Additionally, banks will electronically provide their clients a statement of PRCs (S-PRC) listing all remittances they’ve received from abroad over the course of a year, according to a Saturday circular from the SBP.
PRC is a document that banks issue to customers who receive foreign currency in their accounts.
The PRC demonstrates how funds from overseas, including worker remittances, export revenues, equity investments, borrowing from abroad, etc., have been received and realised in rupees in Pakistan.
The recipient of the monies may receive this certificate from a bank in cash over the counters or upon receipt of the funds in his Pakistani bank account.
Digitally issued S-PRC and e-PRC will have a system-generated unique identification number and be in a standard format.
The Federal Bureau of Revenue (FBR), Pakistan Customs, and the SBP will all be able to access banks’ online verification portals to validate e-PRCs and S-PRCs after the implementation of this method, the SBP claims.