The State Bank of Pakistan (SBP) has opened the “Prime Minister’s Türkiye Earthquake Relief Fund Account” for the collection of donations and contributions to the Fund.
According to a circular issued by the central bank, all the commercial and microfinance banks shall open the account of the Fund and shall receive donations in cash, through cheques, payorder and demand drafts, at all their branches across the country.
In pursuance of @GovtofPakistan decision to establish the ‘PM's Türkiye Earthquake Relief Fund Account’, #SBP has directed all banks to open account of the Fund & to accept donations.
IBAN account at NBP# PK18NBPA0001004182864740
For Details: https://t.co/lPEepCLBrC pic.twitter.com/ol3l5WxJMb
— SBP (@StateBank_Pak) February 8, 2023
It is pertinent to mention here that the federal government had notified the establishment of a relief fund, namely, the Prime Minister’s Relief Fund for Türkiye Earthquake Victims, to extend maximum support to the Turkish Government and the people to help them cope with the destruction caused by the earthquake.
The Fund shall accept donations both from domestic and international sources for the aforesaid purpose. The Fund will be administered by the National Disaster Management Authority (NDMA) while the Accountant General Pakistan Revenue will maintain accounts of the Fund.
Donors have been provided multiple options by the central bank for making donations to the Fund.
Cash Deposits at Banks’ Counters:
Donors and contributors may make their donations to the fund in cash at any branch of any bank operating in Pakistan, which shall transfer the consolidated amount of such donations to the Fund account at SBP through RTGS on daily basis. Similarly, donations may also be made at any of the field offices of SBP Banking Services Corporation.
The donors and contributors may make their donations to the Fund by dropping crossed cheques in the name of the Fund in their respective bank’s drop box. All banks shall make available drop box facility at their selected branches for donors where they may drop their crossed cheques in favor of the Fund. The banks shall, accordingly debit the customer’s account and transfer the amount of such proceeds daily on consolidated basis through RTGS to the SBP.
Alternate Delivery Channels
The donor may also use alternate delivery channels e.g. internet banking, mobile banking, Automated Teller Machines (ATMs) and mobile wallets etc. to donate to the Fund account through InterBank Fund Transfer Facility (IBFT)/Raast. The commercial and microfinance banks shall prominently display the IBAN of the Fund at their websites.
Overseas donors including overseas Pakistanis may donate to the Fund through wire transfer in the Fund account maintained with their respective bank. They would simply advise their respective banks to transmit the donation amount in the Fund Account by debiting their accounts. The banks shall transmit the consolidated amount of donations received in the Fund account to the SBP on daily basis through the ‘Real Time Gross Settlement (RTGS) system.
MSBs, MTOs and EHs
Overseas donors may also donate through Money Service Bureaus (MSBs), Money Transfer Operators (MTOs) (e.g. MoneyGram, Western Union) and Exchange Houses (EHs) in line with the arrangements in place for receiving home remittances. Banks receiving such remittances in the Fund Account shall transfer the consolidated amount through RTGS to the SBP on daily basis.
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