Ramittances

Submitted to

Mr. Suboor uz zaman

Vice President - Manager Central Processing Unit at United Bank Limited

Special thanks to

MR. Moinuddin MR. Dahir junijo

PRI Head at SBP I.I Chandigarh Road Business Head of UBL Karachi

Submitted by

M.ahsan Sajid AFRIDI M.FARHAN Sobia Arshad Zainab asad

| INDEX | |

Serial # | Topics | Page # |

1. | Remittance | 4 |

2. | Types of remittances | 4 |

3. | Pros and cons | 5 |

4. | Modes of remittances | 8 |

| Domestic remittances | 9 |

| Foreign remittances | 17 |

5. | Cancellation of outward and inward services | 19 |

6. | UBL NRP services and its partners | 21 |

7. | Legal and regulatory framework | 27 |

8. | Prescribed application form | 30 |

9. | Remittance mechanism | 31 |

10. | Home remittances of Pakistan | 35 |

11. | Pakistan remittance initiative (PRI) | 36 |

12. | conclusion | 40 |

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Remittances

Types of Remittances

Importance of Remittances

Porn and Corn of Remittances

REMITTANCE:

The word Remittance originates from the word “remit” which means to transmit money/ fund. In banking terminology, remittance means transfer of fund from one place to another. It is not only bound to transfer of money to or from foreign country but also the local transfer of currency means within the country. For example, when a person sends a check to the government to pay for a tax bill, the check is remittance to remove the tax obligation. If you were to send money to a friend in Europe through a wire-transfer service, the sum of the payment is the remittance.

Inward Remittances:

The term 'inward remittance" means processing of incoming payments, including the crediting of accounts or other authorized discharge of funds and includes not only...