ISLAMABAD: The State Bank of Pakistan (SBP) announced a new provision allowing Exchange Companies to import cash US Dollars against the value of their export consignments of permissible foreign currencies within five working days, through reputed cargo/security companies.
The arrangement will be effective until December 31, 2023, with the condition that the total cash US Dollars is imported by an Exchange Company. During this period shall not exceed 50% of the value of its export consignments.
Previously, ECs were permitted to export permissible foreign currencies, excluding US Dollars. Through cargo/security companies and repatriate equivalent US Dollars in their foreign currency accounts. Maintained with banks in Pakistan within five working days from the date of export. However, with the recent development, cash dollars can now be brought in through cargo or security companies.
To facilitate the process, Exchange Companies must give prior written intimation to the Director of, the Foreign Exchange Operations Department (FEOD). SBP Banking Services Corporation (SBP-BSC), Karachi, at the time of importing US Dollars Cash through their cargo/security companies. The SBP-BSC staff at SBP-Customs Joint Booth at the designated airports must also receive a copy of this intimation.
SBP Rules for Exchange Companies
The Exchange Companies must provide the original deal ticket of the foreign bank/exchange company. Clearly showing the amount of cash US Dollars imported, along with Annexure-8. This Annexure-8 document must be signed and stamp by SBP-BSC officials at the booth after verification. Moreover, the foreign government’s original customs and other export documents must be submit at SBP-Customs Joint Booth. And will be stamp by SBP-BSC officials.
To ensure compliance, the exchange company must retain a copy of these signed and stamped documents for on-site inspection by the State Bank’s inspection team. The import consignment will be verified following the procedure laid down for the export of foreign currencies. Once verified, the consignment will be repack, sealed, and handed over to the cargo/security company for onward delivery to the exchange company.
