KARACHI—State Bank of Pakistan (SBP) has allowed multiple credit transfers (using MT 102) for 3rd party transfers with immediate effect, to further enhance the payment transfer facilities through PRISM System.
According to PSD Circular Letter No 1/2012 of April 4, 2012, the lower value limit for each credit transfer in MT 102 shall be Rs 100,000, while the maximum 10 payment instructions are allowed to be sent through one MT 102 message.
The Circular said that all inclusive transaction charges recovered by banks/DFIs from their customers for each payment instruction sent using MT 102 shall not exceed Rs 50. However, MT 103 may continue to be used for 3rd party time critical single credit transfers attracting charges as outlined in PSD Circular Letter no. 5 dated October 14, 2011.
All PRISM direct participants are further advised to ensure compliance with the Customer Transfer Guidelines, Payment Systems and Electronic Fund Transfers Act 2007, PRISM Operating Rules, 2009 and all other applicable SBP rules and regulations including those related to KYC and AML/CFT. All other instructions on the subject shall, however, remain unchanged, the Circular concluded.—Agencies