KARACHI: The State Bank of Pakistan (SBP) has advised exchange companies that all foreign currency sales of $2,000 or more (equivalent to other currencies) against the rupee should be made only through specified payment methods. , such as by bank transfer, cheque. Customer’s personal bank account.
In a brief statement issued in this regard, the central bank said that these instructions have been issued to further enhance transparency and promote documentation in foreign exchange transactions.
“The move is also aimed at encouraging the general public to use various banking channels, which are generally safer, to meet their genuine foreign exchange needs.”
Exchange firms were further directed to note the transaction, the instrument reference number and the name of the bank transferring the funds, along with the customer’s identity document number issuing the instrument, on the transaction receipt.
Additionally, all foreign currency sales transactions of $2,000 or more against Rupees (or equivalent in other currencies) through bank transfer through ‘B’ category exchange companies, or checks from the customer’s personal account. will be done.
The State Bank warned all exchange companies that failed to comply with these instructions would be subject to regulatory action under relevant provisions of the Foreign Exchange Regulation Act, 1947.
