The State Bank of Pakistan (SBP) has given permission to exchange companies to import physical US Dollars as and when required.
They can do this by using the value of their export consignments of permissible foreign currencies within five working days. Reputed cargo and security companies will be involved in facilitating this process.
This arrangement will remain in effect until December 31, 2023, with the condition that the total cash US Dollars imported by an exchange company during this period does not exceed 50 percent of the value of its export consignments. The exchange companies must include this arrangement in their dealings with overseas entities, and the details of the cash US Dollars to be imported will be mentioned in the system-generated deal ticket.
Before importing US Dollars through cargo or security companies, the exchange companies need to inform the Director of Foreign Exchange Operations Department (FEOD) at SBP Banking Services Corporation (SBP-BSC) in Karachi and also provide a copy to the SBP-BSC staff at SBP-Customs Joint Booth at designated airports. They must present an original deal ticket from a foreign bank or exchange company showing the amount of cash US Dollars to be imported, which will be verified and stamped by SBP-BSC officials.
Additionally, the exchange companies must submit original customs and/or other export documents from the foreign government, which will also be stamped by SBP-BSC officials. Copies of these documents must be kept for on-site inspection by the State Bank’s inspection team.
The import consignment will be verified according to the laid-down procedure for exporting foreign currencies. Once verified, it will be packed, sealed, and handed over to the cargo/security company for delivery to the exchange company.
Exchange companies must ensure compliance with all relevant laws and regulations, including those of the jurisdiction from where the US Dollars are being imported. They are also required to properly record all transactions related to the import of cash in their books of accounts.
It’s worth noting that exchange companies were already allowed to export permissible foreign currencies (excluding US Dollars) through cargo/security companies and repatriate an equivalent amount of US Dollars to their foreign currency accounts maintained with banks in Pakistan within five working days from the date of the foreign currency export.
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