The State Bank of Pakistan Tuesday directed Authorised Dealers to ensure proper review/scrutiny of all Foreign Exchange Regulations-related cases/references before sending them to Exchange Policy Department. The SBP has also asked ADs for suitable training courses in areas related to foreign exchange for their staff to enhance their skills and knowledge.
According to EPD Circular Letter No 08 2014 Authorised Dealers have been asked to refer to the State Bank only those cases which they are not authorised to approve after satisfying themselves about the bona fides of the applicants and the correctness of the statements made by them on the application and the accompanying documents, if any, along with their recommendations/comments and appropriate documentary evidences.
"It has, however, been observed that the above referred instructions are not being followed in letter and spirit by the Authorised Dealers," the circular added. Further, "it has been noticed that queries/clarifications relating to various Foreign Exchange Regulations/F.E. Circulars/Circular Letters are sought from and cases are forwarded to Exchange Policy Department directly either by field functionaries or different officers of the Authorised Dealers without in-depth study of the instructions and knowledge of the concerned head of the Department/Group Head," it added. According to SBP, this results in wastage of precious time and resources in unnecessary correspondence with the Authorised Dealers.
Therefore, in order to streamline the process for expeditious disposal of the cases/references, SBP has advised that Authorised Dealers must ensure that the same are forwarded to Exchange Policy Department after proper review/scrutiny in the light of above referred instructions. Further, henceforth all references seeking clarification on the regulations/instructions and all other cases, except routine and prescribed statements/returns/information, shall be signed at least at the level of respective Departmental/Business/Group Head of the bank, the circular said.
It may carefully be noted that the references/cases received without following the above procedure shall not be attended and shall be returned in original to the respective Authorised Dealer. According to SBP, it has also been observed during inspections of various banks that personnel handling foreign exchange related matters lack in skills and knowledge about foreign exchange regulations, the SBP policies, etc. Authorised Dealers have been advised to arrange suitable training courses in areas related to foreign exchange for their staff and submit their training plans to the Exchange Policy Department latest by December 31, 2014, it added.
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