BEIJING  - The Habib Bank Limited (HBL) has taken a big leap forward by entering into an arrangement with Agricultural Bank of China that will enable both inward & outward remittances between the two countries to be processed within 24 hours and that too at a nominal cost. In the past, Pakistani community residing in China as well as Corporate dealing between China and Pakistan faced difficulties and delay in sending or receiving remittances to and from China, said, Chief Representative of HBL Mohammad Aslam here in an interview on Thursday. He pointed out it use to take at least 5 to 7 days for the actual remittance to arrive at its destination. Additionally, the remittance was subject to numerous charges due to multiple intermediaries. He explained that remitters to China would be able to use foreign Exchange dealing branches of HBL anywhere in the world to transfer foreign currency into China. "Besides helping Pakistanis residing in China, this arrangement will also help Pakistani students studying in various universities in China" previously such students had to wait for a long time for receipt of fees & maintenance expenses, Aslam noted. He informed that settlement of US$ denominated Letters of Credit can also take place locally provided L/Cs are established through HBL branches in Pakistan or abroad. These arrangements are also expected to help Pakistani traders, who previously carried cash for their purchases in China or used unofficial channels for business, due to the cost and the time taken for the remittance to actually arrive. 'We are confident that this arrangement will help reduce briefcase trade' and to a large extent ensure the routing of remittances through official channels, stated Aslam. "We do hope that this small effort on the part of HBL can help our community, business enterprises and above all, our country, by ensuring the routing of remittances through official channels," Aslam concluded.