Payout Policy
This Payout Policy is effective dated: June 01, 2024
Control Document: GEF-PP-004, Ver. 1.0
Purpose
The purpose of this Payout Policy is to ensure that payout settlements from galaxefi (“Company”) are managed as per the regulations set forth by SBP – State Bank of Pakistan. This policy aims to maintain the integrity of services, and ensure compliance with legal and regulatory requirements.
Scope
This policy applies to payout settlements to service providers. It covers Freight and Support Service-Related Invoices.
Types of Invoices
Please refer to the types of invoices in our billing policy.
Definitions
- Platform: galaxefi Digital Fulfillment Platform and a PCS -Port Community System.
- Settlement: Payouts to service providers via IBFT – Inter Bank Fund Transfer.
Working Days and Settlement Batches
- Monday to Friday are considered as working days in which payouts are settled trice in a day:
- 1st batch of settlement is at 9:30 AM
- 2nd batch of settlement is at 12:30 PM
- 3rd batch of settlement is at 4:30 PM
- Saturdays and Sundays are considered as non-working days
- Gazetted holidays are considered to be non-working days
Payouts
Pay-outs are settled via IBFT – Inter Bank Funds Transfer, the settlement is T+0 (Settlement on the same working day) for all subscription plans. IBFT is the primary mode for payouts. Any IBFT transaction that is performed after 4:30 PM Pakistani time will be considered as a next-day transaction. Please refer to the following table along with examples:
| Days | IBFT Settlement (All times are PST – Pakistan Standard Time) |
| Working Days: Monday to Friday | All settlements are T+0, meaning that transactions performed before 4 PM on a working day are settled on the same working day. After 4:30 PM the transaction will be considered to be a transaction of the next working day. Example 01: A transaction made on Thursday, May 30, 2024 at 4:29 PM, will be settled on Thursday, May 30, 2024 in the service provider’s account. Example 02: A transaction made on Friday, May 31, 2024 at 4:31 PM, will be considered a Monday, June 03, 2024 transaction eventually settling on Tuesday, June 04, 2024 in the service provider’s account. |
| Off Days: Saturdays and Sundays | Irrespective of the time, all transactions on Saturdays or Sundays will be considered transactions of the next working day (Monday) provided there is no gazetted holiday in between. If there happens to be a gazetted holiday in between then the settlement would be made on the next working day. Example 01: In the case of Saturday, June 01, 2024 or Sunday, June 02, 2024, transactions made on these days irrespective of time, are considered transactions of Monday, June 03, 2024 eventually settling on the same day Monday, June 03, 2024 in the service provider’s account. Example 02: Assuming Monday, June 03, 2024 a gazetted holiday, in this case transactions on Saturday, June 01, 2024 or Sunday, June 02, 2024, irrespective of time, will be considered transactions of Tuesday, June 04, 2024 eventually settling on the same day Tuesday, June 04, 2024 in the service provider’s account. |
| Gazetted Holidays | The gazetted holiday is any day declared as a public holiday or a bank holiday. Please refer declared gazetted holidays by the Government of Pakistan. Example 01: Let’s assume that Tuesday, June 11, 2024 and Wednesday, June 12, 2024 are among gazetted holidays hence a transaction made on Monday, June 10, 2024 at 4:29 PM, will be settled on the same day Monday, June 10, 2024 in the service provider’s account. Example 02: Assuming the above gazetted holidays (Tuesday, June 11, 2024 and Wednesday, June 12, 2024), if a transaction made on Tuesday, June 11, 2024 or Wednesday, June 12, 2024 irrespective of the time will be considered a transaction of Thursday, June 13, 2024 eventually settling on the same day Thursday, June 13, 2024 in the service provider’s account. |
Transactional Modes and Ceiling Per Transaction
For fast and easy payments, all major credit/debit cards, mobile wallet transfers, and bank transfers are accepted on the platform. In addition to this, for galaxefi the transactions can also be made through active 15K+ kiosks ATM across Pakistan.
Transactional limits per BORN – Booking reference Number are:
| Mode | Per Transactional Ceiling |
| Mobile Wallets | Up to PKR 15,000 |
| Debit/Credit Cards | Up to PKR 50,000 |
| IBFT | Up to PKR 1,000,000 |
Schedule of Charges
Please refer to our schedule of charges.
Tax Collection and Reporting
Please refer to our tax collection and reporting policy.
SBP – State Bank of Pakistan Cross Border Payment Policies
Guidelines on E-Commerce Exports (B2C)
Please refer to the guidelines and requirements set forth by the government. Please refer FE Circular 07 of 2020 and included Annexures:
- Annexure A – Declaration for registration in WeBOC
- Annexure B – Monthly reconciliation statement
- Annexure C – List of outstanding bills
Guidelines on ST – Sales Tax
For sales tax, please refer to active SROs for Exports by FBR – Federal Board of Revenue, Government of Pakistan.
Policy Review and Updates
- This policy will be reviewed upon any change in the service requirement or process by the regulator to ensure its effectiveness and alignment with industry best practices and regulatory requirements.
- Changes to this policy will be communicated to all employees and stakeholders.
Quick Contact
By adhering to this Payout Policy, galaxefi commits to ensuring that all transactions are as per the regulatory requirements, effective manner, minimizing risks and ensuring the integrity of its information systems and business processes. For questions or concerns about this Policy, please use the following form: