No Restriction on Transit Trade Transactions

No Restriction on Transit Trade Transactions

The State Bank of Pakistan (SBP) said on Wednesday there is no restriction on transit trade transactions by any country.

“To encourage regional trade, it was clarified that the State Bank of Pakistan does not prohibit transit trade transactions through any country, even under the Convention on Transports Internationaux Routiers (TIR); provided it is not a sanctioned item, individual, or entity,” said the SBP circular issued to the presidents and CEOs of all authorized foreign exchange dealers.

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Similarly, the State Bank of Pakistan has revised the formats for consolidating orders for Conventional Naya Pakistan Certificates (NPC) and Islamic Naya Pakistan Certificates (INPC) through other circulars.

According to SBP, agency banks are hereby notified that the format for consolidating orders for NPCs and INPCs received from foreign currency value account holders (FCVA) or non-resident rupee value accounts (NRVA) has been revised.

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Changes take effect immediately. Other SOPs in accordance with the circular remain unchanged.

No Restriction on Transit Trade Transactions