SBP modifies the forex regime. The State Bank of Pakistan (SBP) has advised exchange companies that all foreign exchange sale transactions of $2,000 or more (equivalent to other currencies) against the rupee can only be done through certain payment modes, such as bank transfer, check from individual bank. should be done from Customer Account.
In a brief statement issued in this regard, the central bank said that directions have been issued to enhance transparency and promote documentation in foreign exchange transactions.
“The move also focuses on encouraging the general public to use different banking channels, which are generally more secure, to meet their genuine foreign exchange needs.”
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The exchange firms were further instructed that the transaction, the instrument reference number and name of the bank which is transferring the money, and issuing the instrument shall be mentioned on the transaction receipt along with the identity document number of the customer.
In addition, all foreign exchange sale transactions of $2,000 or more (or equivalent in other currencies) against the rupee shall be carried out by ‘B’ category exchange companies by way of bank transfer, or check from the customer’s personal account.
SBP warned all the exchange companies that those who fail to comply with these instructions would be subject to regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.