Can the beneficiary receive the payment in US Dollars in cash or in an account with any bank other than UBL?
No. Cash payment in US Dollar against presentation of check is not possible as no checks are issued in case of US Dollar remittance. Also there is no local clearing and settlement arrangement in Pakistan for US Dollar transactions, the beneficiary has to have an account in US Dollars with any of the designated branches of UBL in Pakistan to receive a US Dollar remittance as ‘Direct Deposit’.
- I account for GST on a cash basis. Does the cheque have to be presented on my bank statement to claim an input tax credit?
- Can the beneficiary receive the payment in US Dollars in cash or in an account with any bank other than UBL?
- How long before my beneficiary will be able to collect the funds for a cash pick up payment?
*Sadly, we had to bring back ads too. Hopefully more targeted.