Pakistan, Jan. 23 -- State Bank of Pakistan has announced a major relaxation for the banking sector by simplifying rules for remitting payments abroad, aiming to reduce delays and improve operational efficiency across regulated institutions.

Under the revised framework, banks can now transfer salaries, professional fees, and related payments for overseas-based directors, chairpersons, Sharia advisors, and scholars without seeking prior approval from the central bank's Foreign Exchange Department.

Previously, such remittances required case-by-case clearance, often slowing down routine financial obligations. However, the new policy empowers authorized dealers to process payments independently once all required documentation is properly co...