Regulatory Alerts2026-01-22 | EPD Circular Letter No. 03Added · Updated
Payment to Non-Resident Directors, Chairmen, Shariah Advisors, and Shariah Scholars of SBP Regulated Entities
Authorized Dealers are permitted to effect payments for remuneration, meeting fees, travelling allowances, and daily allowances to Non-Resident Directors, Chairmen, Shariah Advisors, and Shariah Scholars of State Bank of Pakistan regulated entities. Before processing these remittances, Authorized Dealers must conduct due diligence and retain specific records, including SBP approval for appointment, the Board-approved remuneration policy in Pak Rupees, attendance confirmation, travel documents, Form M, and proof of tax deduction.