SBP asks banks to provide shipment details in advance payment cases

KARACHI: State Bank of Pakistan (SBP) has directed banks to provide details of shipments made against advance payments during a month.

The SBP has made changes in the existing International Transactions Reporting System (ITRS) that will be reported by the authorized dealers.

The SBP said that a new schedule A-4/O-4 has been introduced in ITRS for capturing utilization against advance payments recorded on Advance Payment Vouchers (APV) and reported through ITRS schedule A- 2/O-2.

The banks will use this schedule for reporting shipments made during the reference month against advance payments received earlier, the SBP said.

Purpose of Schedule A-1/O-1 has been revised to capture all post-shipment export proceeds including final/full as well as part payments other than advance payments.

Purpose of Schedule A-2/O-2 has also been revised to capture only APVs. Part payments will be reported on schedule A-1/O-1, the SBP said.

Two variables have been added in schedule E-4/P-4 for reporting reference of refund on M-form against exports proceeds realized earlier.

CNIC has been made mandatory for non-business transactions in schedule E-4/P-4

Updated ITRS client application for banks / Authorized Dealers has been placed on Knowledge Centre of SBP Data Acquisition Portal (DAP).

The central bank advised the authorized dealers to use revised format for reporting data pertaining to Jul 2019 onwards.

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