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Don’t wait for your ship to come in, swim out to it.
Be Proactive, rather than Reactive.
Remittances
Remittances can be defined as an act of transferring money to a distant place. Banks
issue remittances on behalf of customers after receiving the value of remittance and
related charges/Govt taxes. Payment in cash is not only very risky but also time
consuming. Remittances as such play a vital role in day-to-day business. Remittances
payable within the country are called ‘Inland Remittances’. Remittances payable outside
the country and received from foreign countries are called ‘Foreign Remittances’.

The remittances sent to Pakistan by Pakistani expatriates working abroad are called
‘home remittances.’ In order to provide for an ownership structure in Pakistan for home
remittance facilitation, State Bank of Pakistan, Ministry of Overseas Pakistanis and Ministry
of Finance launched a joint initiative called ‘Pakistan Remittance Initiative’. This initiative
has been taken to achieve the objective of facilitating, supporting, faster, cheaper,
convenient and efficient flow of remittances. This initiative takes all necessary steps and
actions to enhance the flow of remittances. These remittances provide the much needed
foreign exchange to our country. The imports of goods and services into Pakistan are far
in excess to the value of goods and services exported and the foreign exchange deficit is
covered by home remittances.

Types of Inland Remittances

• Pay orders /Cashier’s cheques / banker’s cheques
• Demand draft
• Telegraphic transfer
• Rupee traveler’s cheque
• Online transfer
•

• Pay Order / Cashier’s Cheque / Banker’s Cheque

• A Pay order /Cashier’s cheque / banker’s cheque

is a kind of a payment instrument drawn by a branch on itself, its Head Office or Main
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Office. Cashier cheques are a guaranteed form of payment. This is an order instrument
that can be paid when presented at the counter, but generally issued as a crossed
cheque preferably crossed Account Payee only. This is a very customer-friendly
instrument as it serves the purpose of both demand draft and pay order. A pay order is
issued and paid by the same branch; a DD is paid by the branch on which it is drawn,
whereas a cashier cheque can be paid at any branch of the bank. Any customer,
including walk-in customers, can order a cashier’s cheque from any bank simply by
handing them the money over the counter. Walk in customers must fulfil the KYC/AML
requirements of showing original CNIC, giving contact details and handing in copy of
CNIC.

In western countries such as the UK, cashier cheques are issued with special
characteristics, such as:
• Generally issued with enhanced security features, including special bond paper.
• These are designed to decrease the vulnerability to items being counterfeited.
A cashier cheque includes the name of the issuing branch and its code, instrument
number, date, drawn on main office and amount in words and figures. It can be issued
for any amount and requires the signatures of two authorized officers.
Issuance
• Application for issuance of cashier cheques should be submitted on a standard form or
it can be issued against a customer’s written instructions.
• Customer’s name, address and telephone number should be obtained on the
application form.
• If purchaser is a walk-in customer, copy of CNIC should be obtained along with original
for attestation. This is SBP’s minimum requirement for walk-in customers.
• If a cashier cheque has to be issued against cash, then cash should be counted and
“Received Cash Stamp” should be affixed onto the application.
• If instead of cash, a customer cheque is tendered along with an application, it should
be posted in the customer's account and a transfer stamp should be affixed on both the
cheque and the application form.
• A cashier cheque of the required amount should be issued under full signature and
attorney number of the signatory of the bank. Dual signatures may be required on the
basis of the amount of the instrument.
• Post the details of the cashier cheque in the system; as such, details of the instrument
are updated at Head Office, Main Office record online and on real time basis.
• After posting in the system, the instrument may be delivered to the customer.
• Dispatch the related credit advice to the cashier cheque cell i.e., the section of the
bank where complete record of such items is maintained. A cashier cheque cell is an
office or department where designated officers hold complete record of cashier cheques
issued and paid and administer the function.

Encashment
• Cashier cheque can be paid in cash, transfer or clearing.
• Before encashment, dealing officer should verify signatures on the instrument.
• It is advisable that before encashment, a list of lost instruments should be referred to.
• For walk-in customers, a copy of CNIC should be obtained.
• In the case of a lost instrument being presented for payment, it should be marked as
Reported Lost and returned to the presenter.
• The dealing officer, after satisfying himself about the authenticity of the instrument,
should cancel it in the same manner as other instruments are cancelled and post the
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same in the system. The holder should be paid in the mode it was presented for payment
(cash, transfer, clearing) and a stamp shall be affixed. Note. The word cancel has a
special meaning in practical banking. Suppose I am a teller in a bank sitting on the cash
payment counter. A customer presents his cheque for cash payment. I will enter the
account number in my computer. The details of customer account will appear on the
screen. I will compare the signatures on the system and the cheque. I will check other
factors like date of cheque, amount in words figures, endorsement, cheque number
balance. If all ok I will post the cheque. After posting I will draw a zig zag line on the
customer signatures on the cheque and I will put my signatures on the cheque. By this
action I have CANCELLED the cheque. I will count the cash and deliver cash to the
customer. I will put a stamp PAID on the cheque. I will keep the cancelled cheque at a
safe place as it is now an important bank record.
Duplicate issuance
• The purchaser of the pay order should submit an application for loss of the pay order
and issuance of a duplicate.
• The branch should make a thorough check that the item is not already paid.
• Signature of the purchaser should be verified from the original application form.
• Prescribed indemnity on required value of stamp paper should be obtained; signed by
the purchaser and duly witnessed. The indemnity undertakes that if the bank suffers any
loss due to the issuance of the duplicate instrument the executant of the indemnity will
make good the loss to the bank.
• Approval from competent authorities of the bank for issuance of DUPLICATE should be
obtained.
• Duplicate pay order should be issued and new numbers of the duplicate pay order
should be written on PO application form.
Cancellation
• Application from the purchaser, along with original instrument, requesting cancellation
of pay order is required.
• The banker should verify the signature of the purchaser from the pay order application
form.
• If pay order was issued other than in personal name, that is to say if the pay order was
issued in favour of a Govt Department or a Company, clearance / discharge from
beneficiary must be obtained that the instrument may be cancelled.
• Pay order should be marked as cancelled and the signature portion of the pay order
should be torn out.
• Cancellation should be marked in the PO register / system.
• Proceeds of the pay order should be credited to the customer’s account after
recovering cancellation charges.
• If pay order was issued for walk-in customer, another pay order in the name of the
purchaser should be issued instead of refunding the amount in cash.

• 1. 2. Demand Draft (DD)

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•
A demand draft is a value received instrument issued by the bank. It is issued in order to
pay money drawn by one branch of a bank upon another branch of the same bank or
its correspondent. Since this is an order instrument, the drawee bank is discharged by
payment in due course and the instrument is transferred through negotiation. DDs are
generally drawn on other cities with an objective of making payments there.
Issuance
• Request should be received on standard application form or on customer's written
request / instruction.
• In the case of a walk-in customer, the necessary KYC ( k n o w your customer)
procedures should be completed, such as address of the purchaser, telephone number(s)
and a photo copy of the CNIC for due diligence.
• Check that all required information on the application is completed and that it is duly
signed.
• If DD is to be issued against cash, then the same needs to be collected along with
charges and a cash-received stamp is affixed onto the pay order application.
• If DD is to be issued against a cheque, then it should be posted in the account. Service
charges, if not collected in cash, will have to be posted in the customer's account through
a debit voucher.
• DD should be prepared according to the draft application form, signed by two
authorized officers and should be delivered to the purchaser.
• Relative draft issuance advice should be prepared and dispatched to the drawee's
branch.
• Amount on the draft is protected from risk of alteration by use of ‘protectograph
machine’{I.e. a machine by which the figures showing amount are EMBOSSED on the
draft or mail transfer so that it cannot be altered}
Payment
When a draft is presented for payment, the banker should check the following: -
• Draft is drawn on the branch where it is presented for payment.
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• Signed by authorized officers with attorney number.
• Signature should be verified from power of attorney book. What is a power of attorney
book? Power of Attorney Book or a Specimen Signature Book contains specimens of
signatures of those officers of the bank who hold the Power of attorney from the
Management of the bank to sign important documents like, drafts, bankers cheques and
contracts on behalf of the bank. When a person who has to take action on the instructions
or cheque etc signed by the bank officer, the signatures on the instrument are compared
with the specimen to ensure that the signatures are authentic. The specimen signature
book, generally also gives the extent of powers of each level of officer i.e. the amount up
to which the particular officer is authorized to sign singly. Joint powers are also described.
• There is no alteration on the instrument and it is in order in all respects. In the case of
any alteration, the same should be duly authenticated under joint signatures.
• If presented in clearing, a special crossing and clearing stamp is affixed and
endorsement is given on the back of the instrument by the collecting bank.
• DD date should not be more than six months old, otherwise it will require re-validation.
• After checking all the above points, the DD should be posted in the register / system
and should be marked as paid.

Duplicate issuance
• The purchaser of the draft should submit application for loss of the demand draft and
issuance of duplicate.
• Signature of the purchaser should be verified from the original application form.
• Drawee branch should be informed about the loss of the draft, with request to mark
caution for its payment.
• On receipt of confirmation that draft is outstanding, prescribed indemnity on required
value of stamp paper should be obtained, signed by the purchaser and duly witnessed.
• Duplicate demand draft should be issued with a note "duplicate draft is issued in lieu of
original draft no _________________________ dated _________".
• New number of the duplicate draft should be written on draft application form.
• If purchaser wants his money back, drawee branch should be asked to remit back the
amount by debiting their DD payable account and by issuing a credit advice.
• On receipt of funds, the same should be credited to customer's account.

Cancellation
• Application from purchaser along with original instrument requesting cancellation of
the demand draft.
• The banker should verify signature of the purchaser from the draft application form.
• If demand draft was issued in other than a personal name, clearance/discharge from
beneficiary must be obtained.
• Draft should be marked as cancelled and signature portion of draft should be torn out.
• Cancellation should be marked in the DD issue register / system.

• Proceeds of the draft should be paid by debiting suspense account and crediting
customer’s account(s) respectively.
• The drawee branch is requested to mark the draft cancelled and to refund the amount
of cover.
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• On receipt of credit advice from the drawee branch, the suspense account debited for
refunding the cancelled DD should be reversed within a maximum of 30 days.
3. Telegraphic transfer (TT)
Telegraphic transfer is a transfer of money by telex, telephone or through telegraph
(telegram) from one branch of a bank to another branch of the same bank or to its
correspondent bank in another city or country. TT message is prepared under the
telegraphic test key arrangement and test number quoted on the telegraphic message.
The authenticity of the TT message should be confirmed by the drawee branch by
verifying the test number from the telegraphic test key. When the test number is
confirmed, the proceeds of the TT are credited in the account of the beneficiary.
What is a telegraphic test number?
Issuance of TT
• Customer should apply for remittance of funds through TT on standard application form
or on instructions letter duly signed.
• If remittance is requested against deposit of cash, it should be counted and a received
cash stamp should be affixed.
• If cheques are tendered along with remittance application they should be posted in
the customer’s account and vouchers for the charges should also be prepared and
posted.
• The details of the TT should be entered in the TT issued register.
• TT message should be prepared and test number should be applied.
• The message should be transmitted by a cable/telegraph/telex.
• Delivery of message over phone should be avoided.
Payment
• On receipt of message at the DRAWEE branch, test should be verified on the message.
• If test is not agreed, message should be sent to the issuing branch for revision of test.
• If test is agreed, “Test Agreed Stamp” should be affixed on the message.
• Vouchers shall be prepared by debiting head office account of issuing branch and
crediting bills payable TT payable account.
• If beneficiary’s account is in the same branch, bills payable TT payable shall be
debited and customer’s account will be credited.
4. If beneficiary does not maintain account with the TT receiving bank, a TT receipt should
be issued in the name of the beneficiary, sent by courier and paid in normal clearing.
Rupee Traveler's Cheques (TC)

Cheques issued in Pak rupees by the banks to their customers who wish to travel within
the country are called Rupee Traveler's Cheques. Each cheque has a space for the
customer to sign immediately on receipt of the cheque and another space to sign in the
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presence of the paying banker at the time of encashment.
Issuance
• Application of issuance of rupee traveller’s cheque should be submitted only on the
standard form.
• Customer's name, address and telephone number should be obtained on the
application form.
• If purchaser is a walk-in customer, copy of CNIC should be obtained along with
original for attestation.
• If TCs have to be issued against cash, then the same should be counted and a
"Received Cash Stamp" should be affixed onto the application.
• If a cheque is tendered along with the application, it should be posted in the
customer's account and a transfer stamp should be affixed on both cheque and
application form.
• TCs of the required denomination should be issued under full signature and attorney
number, in the name of the beneficiary, the details of whom should be written on the
application form. TCs should be DELIVERED ONLY after obtaining first signature of buyer on
each TC and on the purchase receipt.
• Related credit advice should be dispatched to the TC's cell.
Encashment
• TCs can be presented for payment either in cash, transfer or in clearing.
• Authenticity of the TC should be checked by verification of the signature on the TC and
signature of the purchaser on the purchaser receipt.
• Customer should be asked to put his/her signature in the second space on the TC.
• For walk-in customers, a copy of CNIC should be obtained.
• After verification of signature and production of CNIC, payment can be made.
• If presented in clearing, discharge by the clearing bank on the reverse should be
verified and if everything is in order, cheque should be defaced/cancelled.
• What is discharge by the clearing bank? When the bank of the payee presents the
cheque for collection in the clearing it is called the clearing bank. The clearing bank
affixes a clearing stamp on the face of the cheque. The clearing bank also writes a
discharge at the back of the cheque, this discharge is a statement as to what the
clearing bank will do with the money that will be received under the cheque. If a cheque
is drawn payable to ABC and crossed payees account only the discharge will be
“Payees Account will be credited on Realization” and clearing bank will place its stamp
and signature under this statement. If an order cheque was payable to ABC and ABC
endorsed it in favour of XYZ, the bank presenting it in the clearing will give the discharge
“First Payees endorsement confirmed, Will be placed to the account of Second Payee.
5. Online Transfer
Online transfer means transfer of funds electronically through a computer system. In a
cash-free world all transactions can be done electronically. To receive money the
customer should have a bank account in the country, but to transfer money, a walk-in
customer can also make use of the online fund transfer facility. This is a highly effective
and secure way to transfer money. On line transfer is becoming very popular.
Through an online system, branches are linked to computer centres and customer's
account records are held and processed centrally. Details of counter transactions are
transmitted for action from branch terminals online and on a real time basis. This online
service can be used for inquiry purposes and for actual banking transactions. The funds
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are generally available to the beneficiary within minutes and there is no receiver fee.
The processing of online funds transfer should be in line with the provisions given in the
Payment System and Electronic Funds Transfer Act 2007.
Procedure for online transfer
• Customers can apply for online transfer either through a standard application form or
by using deposit slips. These slips are designed in a manner so that a depositor can write
the name of a local branch where the cash is deposited and name of the remote branch
where funds have to be credited.
• Before accepting an online transfer it should be checked if the remote branch is
computerized and online.
• If cash is deposited, a 'received cash' stamp should be affixed onto the application
form after counting the cash and recovering charges.
• The customer's cheque and written instructions can also be accepted for online
transfer.
• In the case of written instructions, vouchers for debit of the customer's account should
be prepared for remittance amount plus charges.
• If the remitter is a walk-in customer, a copy of CNIC should be obtained along with the
original for attestation.
• After all cheques are cleared, access to the remote branch should be made and
vouchers should be posted. After posting and supervision, fund transfer through the online
system should be completed on a real time basis.

Precautions
In recent times, fraudulent activities in processing of online cash payment of cheques
have increased. Fraudsters use chemicals to change the words and figures of the
cheque, converting small amounts into large amounts. With a view to preventing fraud
and payment of tampered cheques, the following additional control steps may be taken
for payment of online cash cheques over the counter:
• Collection of photo copy of CNIC of bearer of cheque and its verification from original.
• All cheques presented for online cash payments should be checked under an ultra
violet ray lamp which can detect whether cheques have been tampered with. These
lamps are not costly and can be purchased from local markets.
For online payment of cheques of large amounts, a call back process must be followed
by the payee branch. This can be done by referring the details of the cheque to the
drawer branch for a “call back verification” of the cheque with the account holder. It
means the branch holding the account reconfirms with the customer on telephone that
he has issued the cheque.

ii. Foreign Remittances

(explain similar modes used for foreign remittances as for inland remittances.
The inward foreign remittances increase our foreign exchange reserves and thus
encouraged.
Outward foreign remittances use up valuable foreign exchange so restrictions placed on
outward remittances against Pak rupees.)
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It is important for the government to know statistics about earning and spending foreign
exchange so detailed procedures for reporting foreign remittances have been put in
place by SBP.

12.3. Outward Foreign remittances;

A remittance abroad involves foreign exchange, the grant of which is subject to the
approval of the Foreign Exchange Department of State Bank of Pakistan. For certain
specified purposes and for restricted amounts, authorized dealers have been delegated
authority to sanction remittances on behalf of State Bank. Except for cases falling under
this category, in all other cases prior approval of the Foreign Exchange Department, SBP,
on the appropriate form, must be obtained before effecting any foreign remittance.

Outward Foreign Remittances Allowed by Exchange Manual.

The usual type of remittances and the relevant chapter of the Exchange Manual
pertaining to the regulations regarding remittances abroad against payment of Pakistan
Rupees are as follows:

i. Travel Allocation Chapter XVIII: - Example remittance or issue of currency notes or

traveler’s cheques to travelers for holiday or business trip abroad.

ii. Private Remittances Chapter XVII: - Example remittances for purposes like appearing in
foreign examinations, import of books, education, etc. Some remittances are approved
by commercial banks themselves when the applicants meet the criteria laid down by SBP
in the Exchange Manual. For others application is made to SBP.

To facilitate payments abroad, Pakistani banks maintain foreign currency accounts with
banks in the principal financial centers of the world which are called Nostro accounts.
Before deciding on which correspondent a drawing is to be made a reference should be
made to the list of correspondent banks and their agency arrangements. In case a bank
does not maintain an account in the country on which the drawing is being made,
reimbursement to the drawee bank should be provided as laid down in the agency
arrangements. (Explain agency arrangements)

Remittances in currencies not quoted by the banks in Pakistan;

Remittances should normally be effected in currencies the rates for which are quoted by
banks. Remittances may also be made in other currencies in special cases provided a
provisional deposit sufficient to cover the expected cost is obtained and held in sundry
creditors account.

When a remittance is received in Foreign Currency for payment in Pak Rupees the Bank
Purchases (buys) foreign currency from the customer and pays out Pak Rupees.
When a remittance is SENT in foreign currency against payment in Rupees the bank SELLS
foreign currency to the customer and charges (debits) the customer in Pak Rupees.

SWIFT
(Society for Worldwide Interbank Financial Telecommunication)
Compared to dispatch of draft and Mail Transfer, and even TT, the SWIFT is a very secure
system. The movement of funds is instantaneous. SWIFT was established in 1973 by 239
banks in 15 countries as a non-profit bank-owned cooperative society. The SWIFT
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transactions relate to remittances, bank transfer and even documentary credits. By using
standard format for each type of transaction the transactions are easy to reconcile. The
system offers efficiency, speed, accuracy and security and therefore almost all foreign
remittances are made by means of SWIFT, now a days.
The SWIFT is a computerized payments system. In the sending bank branch the message is
input by one authorized officer and it is approved for dispatch by two different authorized
officers, all three using their own passwords. The computer system converts the message
into codes so that it cannot be stolen during transmission. At the destination bank branch
authorized officers can retrieve the message through their passwords and take action on
the payment instructions. It is a highly secure and instantaneous payments system and is
used the World over. Under swift there is no need to calculate and apply test number as
the Swift system automatically controls this aspect. Control by three officers using their
separate passwords is essential at the Swift input stage.

12.6. Inward Foreign Remittances

The term “inward remittance means purchase of foreign currencies in whatever form and
including M.T., T.T., draft, travelers cheques, drafts under travelers letters of credit, bills of
exchange, currency notes and coins and debit to foreign banks’ non-resident Rupee
accounts in Pakistani Banks. A Rupee account opened by Standard Chartered London in
the books of Standard Chartered Lahore is called Vostro account.

There is no restriction on receipt of remittances from abroad either in foreign currency or

by debit to non-resident Rupee accounts of banks’ overseas branches or correspondents.
Banks may freely purchase T.Ts, M.Ts, drafts, bills etc., expressed and payable in foreign
currencies or drawn in Rupees on banks’ non-resident Rupee accounts.

(AS WE HAVE SEEN EARLIER THERE ARE RESTRICTIONS ON REMITTANCES TO BE SENT ABROAD
AND THE EXCHANGE MANUAL ISSUED BY STATE BANK OF PAKISTAN LAYS DOWN THE RULES
IN THIS REGARD. HOWEVER REMITTANCES FROM ABROAD INTO PAKISTAN ARE ALLOWED
WITHOUT RESTRICTIONS AS THE COUNTRY GETS VALUEABLE FOREIGN EXCHANGE THROUGH
INWARD REMITTANCES)

12.7. Outward Foreign Remittances

The term “outward remittance” means sale of foreign exchange in any form and includes
T.Ts, M.Ts, drafts, travelers cheques, travelers letters of credit, foreign currency notes and
coins etc and credit to non-resident Rupee account. Foreign outward remittances are
subject to foreign exchange regulations of State Bank of Pakistan.

12.8. Mode of Remittances

The Exchange Control Manual lays down that where remittances can be effected by MT
or TT the issuance of draft should be avoided. However, where this course of action will
cause inconvenience or hardship to the remitter, demand draft crossed “Payees A/c
only” may be issued. Advice of draft issued should be dispatched promptly. Delay in this
regard may put the beneficiary to considerable inconvenience. Generally, the
correspondents also hold instructions that in case of payment of a draft of large amount, a
cable should be sent to the issuing branch if the draft advice is still unreceived.

12.9. Cancellation of foreign Remittances

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12.9.1. Cancellation of Outward Remittances
In the event of any outward remittance which has already been reported to the State
Bank being subsequently cancelled, either in full or in part, Authorised Dealers must report
the cancellation of the outward remittance as an inward remittance. The return in which
the reversal of the transaction is reported to SBP should be supported by a letter giving the
following particulars:

(a) The date of the return in which the outward remittance was reported.
(b) The name and address of the applicant.
(c) The amount of the remittance as effected originally.
(d) The amount cancelled.
(e) Reasons for cancellation.

12.9.2. Cancellation of Inward Remittances

In the event of any inward remittance which has already been reported to the State Bank,
being subsequently cancelled either in full or in part, because of non-availability of the
beneficiary, Authorized Dealers must report the cancellation of the inward remittance as
an outward remittance on form ‘M’. The return in which the reversal of the transaction is
reported to SBP should be supported by a letter giving the following particulars:

(a) The date of the return in which the inward remittance was reported.
(b) The name and address of the beneficiary.
(c) The amount of the purchase as effected originally.
(d) The amount cancelled.
(e) Reasons for cancellation.

Reporting of Incoming and Outgoing Foreign Remittances

to State Bank of Pakistan
Now we discuss the Purpose and System of Reporting of Incoming and Outgoing Foreign
Currency Remittances to and from the people, government and businesses in Pakistan to
the Statistics Department in State Bank of Pakistan.

In order to decide the Import Export policy, determine budget allocations to various
sectors of the economy, make decisions regarding monetary policy, fiscal policy, trade
policy, customs duties, etc., the State Bank of Pakistan and the Government of Pakistan
specially the Ministry of Finance and Ministry of Commerce need STATISTICS of values and
volumes of Visible and Invisible Imports and Exports of Pakistan.

To gather such statistics the SBP has laid down a detailed system for strict compliance by
virtue of which, whenever any commercial bank receives foreign currency for any
purpose or sends out foreign currency for any purpose the bank prepares details of each
transaction specially giving the PURPOSE OF INWARD OR OUTWARD REMITTANCE, VALUE
AND NATURE OF GOODS IMPORTED OR EXPORTED. Depending upon the amount the bank
also gives the name and address of the customer involved.

Following Forms are used for Reporting inward and outward foreign currency remittances:-

Supporting Form Purpose

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E Form All remittances coming into Pakistan showing inward receipt of
proceeds of export of goods from Pakistan are reported on E
form.

R Form All incoming remittances showing amounts received for invisible

exports, Remittances from Pakistani expatriates, etc.

I Form All remittances going out of Pakistan being payments for goods
imported into the country.

M Form All remittances going out of Pakistan for invisible imports,

education, holiday, etc.

T Form All remittances going out of Pakistan for travel abroad.

Such comprehensive statistics has to be sent by each bank to the state bank of Pakistan
on the 3rd day of each month relating to the full previous month.
Heavy penalties are levied if the bank delays in conveying this information.
This statistics is important for the Financial Managers of the country.

iN THE PAST HARD COPIES OF THE ABOVE INFORMATION WAS SENT TO SBP.
RECENTLY HOWEVER BANKS ARE INSTRUCTED TO FORWARD THE INFORMATION IN
ELECTRONIC FORM.
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