UNISAME ADVISES SMEs TO USE SAFE AND SECURED BANKING CHANNELS

President UNISAME Zulfikar Thaver said some SMEs are now facing inquiries from authorities for receiving and remitting amounts to overseas customers and agents for remitting claim amounts of various kinds,  commissions and errors in invoice calculations and in some cases differences for short shipments caused due to shut out cargoes which cannot be called or classified as illegal although not proper mode of transfer and not within the framework of rules and regulations. It is pertinent to note that some of the money changers are licensed and are as such authorised to buy and sell foreign currencies but not to send or receive hawalas but unfortunately some SMEs got misguided due to lack of knowledge and information.

Thaver said the SMEs having meagre means and insufficient staff and therefore resort to short cuts to save time and energy.

For such transactions,  permission applications have to be submitted which take time and cause frustrations he said.

UNISAME Council has urged the State Bank of Pakistan (SBP) to authorise commercial banks to facilitate the SME sector so that the entrepreneurs do not have to go money exchange companies who induce them to transact business through them and indulge in hawalas.

UNISAME Council has advised the sector that banking channels are safe and secured and they must use banking channels and rely on proper systems inorder to remain safe secured and free from the charges of money laundering.