KARACHI: State Bank of Pakistan (SBP) has established a facilitation desk for foreign exchange related remittances to help multinational companies and domestic businesses.
In a statement on Thursday, the SBP said it had established the facilitation desk to cater to the queries pertaining to foreign exchange related remittances to help all stakeholders including multinational companies and domestic businesses.
The facilitation desk will provide assistance on foreign exchange related matters pertaining to areas including registration of equity, borrowing contracts, profit repatriation; acknowledgement and approval of royalty, franchise, technical and management services; training and development fees; operational and maintenance charges; lease rentals/maintenance reserves of airlines; legal and advisory services, visa and consulate fee; approval to issue guarantees and standby letter of credits; and any other foreign exchange related matters.
Banks have been directed to devise benchmarks for processing and due diligence of each type of transaction and ensure compliance thereof.
The facilitation desk has been established at Foreign Exchange Operations Department, Banking Services Corporation, I.I. Chundrigar Road, Karachi.