The State Bank of Pakistan has reduced the timing for export of permissible foreign currencies from 16 hours to 8 hours with effect from September 12, 2011.
In order to further strengthen and streamline the currencies export procedure SBP and Pakistan Customs have jointly set up two booths at Jinnah International Airport (JIAP) Karachi and Allama Iqbal International Airport (AIIAP) Lahore and all Exchange Companies (ECs), desirous of exporting currencies (other than USD) are required to report to booth at least 4 hours prior to the scheduled departure time through which export of currency is intended to be made.
The booths were set up in April 2005 and timing of these booths was fixed following the flight schedule to cover the maximum flights. Permissible currencies are mainly exported to Dubai by the ECs and the dollar is brought against these currencies. Initially, the SBP announced that booth will be operated for 16 hours each day, 7-days a week on a two-shift basis each being for 8 hours. Timing of the shifts would be from 3 am to 11 am & from 2 pm to 10 pm. Most of the flight schedules were being covered by these shifts. During these hours ECs can export all foreign currencies (other than USD) after proper documentation.
However, now the SBP has decided to reduce the timing for export of permissible currencies and the booths, which are working in two shifts, will now work in one shift and also observe one holiday during the week. The State Bank on Wednesday issued a circular EPD No 05 to the Chief Executives of all Exchange Companies, informing them that the SBP-Customs booths setup at JIAP and AIIAP for documentary requirement of currencies'' export will work only 8 hours with effect from September 12, 2011, instead of 16 hours currently. While, on Friday, booths will remain closed as holiday. Now exchange companies are required to export currencies during this period and after these timing no export will be allowed.
"It has been decided to revise the timings of SBP-Customs Joint Booth at JIAP Karachi and as per new timings the booth will operate for 8 hours daily from Saturday to Thursday in single shift from 8 am to 4 pm and will remain closed on Friday," the SBP said in its circular.
Further, the timings of SBP-Customs Joint Booth at AIIAP Lahore will remain the same ie from 6 am to 2 pm. However, the booth will operate from Saturday to Thursday and will remain closed on Friday, it added. The above instructions will be effective from September 12, 2011, while all other instructions in the matter will remain unchanged, it concluded.
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