The State Bank of Pakistan has allowed exchange companies to import US dollars against the value of their export consignments of permissible foreign currencies through reputed cargo or security companies, reported 24NewsHD TV channel.
The State Bank on Tuesday night issued a circular amending Chapter 5 of the Exchange Companies Manual, allowing exchange companies to import US dollars against the value of their export consignments of permissible foreign currencies within five working days.
Exchange companies will now be able to import US dollars through a reputable security or cargo company.
Exchange companies will be able to import up to 50% of the value of their export consignments in USD and these companies will be obliged to import USD within five working days of receipt.
As per the SBP instructions, this facility will be applicable from December 31, 2023.
According to the circular, prior notification of the import of US dollars in cash through their cargo/security companies must be made to the Director of Foreign Exchange Operations Department, SBP Banking Services Corporation, Karachi.
The State Bank staff will check and verify the value of the imported US currency and the relevant foreign bank documents at the SBP-Customs joint booth, which shall also be stamped by SBP-BSC officials.
A copy of these signed and stamped documents must be kept in the record by the exchange company for on-site inspection by the State Bank’s inspection team.
Previously, exchange companies were allowed to export the permissible currencies in cash but were required to bring dollars into their bank accounts. Now, with this move, ECs can also bring cash dollars through cargo or security companies.
Reporter Saeed Ahmad Saeed