SBP relaxes conditions for Afghan Transit Trade State Bank of Pakistan

SBP relaxes conditions for Afghan Transit Trade

KARACHI: State Bank of Pakistan (SBP) on Monday relaxed conditions of the Foreign Exchange Manual to facilitate Afghan Transit Trade in the wake of prevailing conditions in the neighboring country.

The central bank issued a circular to relax the conditions.

The SBP through Foreign Exchange Circular No. 07 dated August 05, 2021 in terms of which SBP notified revision of Chapter 14 of Foreign Exchange Manual.

“Based on representations received from various stakeholders and to facilitate Afghan Transit Trade in current circumstances, it has been decided to defer the following requirements until March 31, 2022:

“Submission of proceed realization certificate for freight and container detention charges in respect of consignment of Afghan Transit Trade as mentioned in Para 4((i(n)) & 4A((ii(g)), Chapter 14 of Foreign Exchange Manual.

“Maintaining separate PKR account by shipping companies/agents for accepting container detention charges as mentioned in Para 4A(i), Chapter 14 of Foreign Exchange Manual.”

The banks have been advised to bring the above developments to the notice of all their constituents for meticulous compliance.

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