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Lahore Chamber of Commerce and Industry flays State Bank’s policy

Lahore, July 13, 2012 (PPI-OT): The Lahore Chamber of Commerce and Industry Thursday severely criticized the State Bank of Pakistan for putting in place a cumbersome and time-consuming procedure of repatriating fee charges of the students studying abroad.

In a statement issued here, the LCCI President Irfan Qaiser Sheikh, Senior Vice President Kashif Younis Meher and Vice President Saeeda Nazar said that the SBP’s fee repatriation system is so difficult that it takes many days to send tuition dues and may cost a student of his whole semester. This also causes parents a great deal of hassle. They said that the State Bank of Pakistan should review its policy to facilitate transfer of funds on account of tuition fees and students’ maintenance cost.

They said it was very unfortunate that instead of encouraging the people to utilize banking channels for repatriation of money, the State Bank’s policy was actually forcing the people to use money changers or other illegal channels.

The LCCI office-bearers also expressed surprise over the policy of the State Bank requiring the transfer of all funds through banks. In case where funds are partially repatriated through informal channels, banks do not facilitate the transfer of the remaining part of the tuition fees.

They said that the Lahore Chamber of Commerce and Industry had received a number of complaints against the State Bank’s student fee repatriation policy. The State Bank of Pakistan should immediately review the policy with an aim to facilitate Pakistani students already studying abroad or planning to go to universities internationally.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854

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