SBP documents in foreign currency transactions more than $ 2,000
Friday, Pakistan State Bank (SBP) made foreign currency transactions of more than $ 2,000 through bank channels compulsory in order to document the sales and purchases of the foreign currency.
In this case, the central bank changes the Exchange Companies Manual to verify the documentation of purchases and sales of foreign currencies.
SBP in a statement said that in order to further increase transparency and promote documentation in foreign exchange transactions, the central bank tells the exchange company that all foreign currency sales transactions are $ 2,000/- or above (equivalent to other currencies) against Pakistan rupees (PKR) may only be done through payment mode, such as bank transfer/cheques from the customer’s private bank account.
“This step also focuses on motivating the general public to use several banking channels, which are generally safer, to meet their genuine currency needs,” the SBP added.
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To further strengthen the regime for exchange companies, and motivate customers to use banking channels for the purchase of foreign exchange from the exchange companies, the existing regulations that prescribe the scope of the exchange company have been changed, which will soon be in force:
The SBP has warned that non-compliance with these instructions must attract regulatory measures under the relevant provisions of the Foreign Exchange Regulation Act.,1947.
SBP documents in foreign currency transactions more than $ 2,000
