KARACHI: State Bank of Pakistan (SBP) has tightened transaction data reporting for exchange companies.
The central bank of Friday issued a notification in this regard.
According to the circular, the SBP invited attention of all Exchange Companies and Exchange Companies of ‘B’ category towards the instructions contained in Para 4, Chapter 7 of Exchange Companies Manual and EPD Circular Letter No. 16 dated July 04, 2017.
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In order to enhance monitoring of data submitted by Exchange Companies and Exchange Companies of ‘B’ category, it has been decided to increase the frequency of transaction data reporting by them, with effect from December 19, 2022. Accordingly, the relevant instructions in the following Para of Exchange Companies Manual stand replaced as under:
Para 4, Chapter 7 of Exchange Companies Manual
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“Exchange Companies shall also submit data according to their scope of business in CSV format at Data Acquisition Portal (DAP). The data will be submitted by Exchange Companies on daily basis by next working day. For transactions conducted on Saturday & Sunday, ECs will submit data on next working day i.e. Monday.
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“While submitting the data under this reporting system, Exchange Companies shall ensure daily matching of opening/closing balances of Summary Statements of head office and each branch/outlet. The Summary Statements and Descriptions are given at Annexure – 21.”
All other instructions on the subject remain unchanged. For any queries related to reporting issues, SBP officers may be contacted.
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Failure to comply with these instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.
