Unisame urges SMEs to use banking channel for transactions

Unisame urges SMEs to use banking channel for transactions

Unisame urges SMEs to use banking channel for transactions

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KARACHI: The Union of Small and Medium Enterprises (Unisame) has advised the Small and Medium Enterprises (SME) sector to use the banking channel for all inwards and outwards overseas remittances, a statement said.

The Unisame urges the SMEs not to indulge in transactions outside the banking channels despite getting better rates from money exchangers.

Unisame President Zulfikar Thaver said that some SMEs are now facing inquiries from the authorities for receiving and remitting amounts to overseas customers and agents for remitting amounts of various kinds and commissions.

The SMEs are facing inquiries in some cases on differences for short shipments caused due to shut out cargoes which cannot be classified as illegal although not proper mode of transfer and not within the framework of rules and regulations, he added.

He said that the SMEs having meagre means and insufficient staff resort to shortcuts to save time and energy, adding that for such transactions, permission applications have to be submitted which take time and cause frustrations.

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

The Unisame Council advised the sector that banking channels are safe and secured and they must use banking channels and rely on proper systems in order to remain safe, secured and free from the charges of money laundering.

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