Exchange companies allowed export foreign currencies on consignment basis

Exchange companies allowed export foreign currencies on consignment basis

KARACHI: The State Bank of Pakistan (SBP) on Monday allowed exchanged companies to export foreign currencies other than US Dollars on consignment basis.

The SBP said that under Exchange Companies Manual the exchange companies are allowed to export permissible foreign currencies other than US Dollars.

“In order to further streamline the business of Exchange Companies keeping in view the emerging AML/CFT standards, it has been decided that Exchange Companies may export foreign currencies other than US Dollars on consignment basis only through cargo/security companies registered in Pakistan,” the SBP said.

Further, the earlier mechanism for individual based export/import of foreign currencies by Exchange Companies stands discontinued, it added..

Accordingly, Chapter-5 of the Exchange Companies Manual along with its Annexure-5 has been revised which is enclosed herewith for meticulous compliance.

Further Para 9(iv), Chapter-3 of Exchange Companies Manual also stands revised as under:

“Exchange Companies can export foreign currencies other than United States Dollar (USD) and bring in equivalent USD in their foreign currency accounts maintained with banks in Pakistan. Prior authorization from State Bank is mandatory before starting the foreign currency exports business. Detailed procedure for undertaking foreign currency export business is given in Chapter 5”.

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