AGL 37.50 Decreased By ▼ -0.08 (-0.21%)
AIRLINK 222.89 Increased By ▲ 0.46 (0.21%)
BOP 10.82 Decreased By ▼ -0.14 (-1.28%)
CNERGY 7.56 Decreased By ▼ -0.10 (-1.31%)
DCL 9.42 Decreased By ▼ -0.21 (-2.18%)
DFML 40.96 Decreased By ▼ -0.74 (-1.77%)
DGKC 106.76 Decreased By ▼ -3.99 (-3.6%)
FCCL 37.07 Decreased By ▼ -0.99 (-2.6%)
FFL 19.24 Increased By ▲ 0.95 (5.19%)
HASCOL 13.18 Decreased By ▼ -0.19 (-1.42%)
HUBC 132.64 Decreased By ▼ -2.32 (-1.72%)
HUMNL 14.73 Decreased By ▼ -0.86 (-5.52%)
KEL 5.40 Decreased By ▼ -0.16 (-2.88%)
KOSM 7.48 Increased By ▲ 0.07 (0.94%)
MLCF 48.18 Decreased By ▼ -2.15 (-4.27%)
NBP 66.29 Decreased By ▼ -0.18 (-0.27%)
OGDC 223.26 Decreased By ▼ -5.35 (-2.34%)
PAEL 43.50 Increased By ▲ 0.13 (0.3%)
PIBTL 9.07 Decreased By ▼ -0.23 (-2.47%)
PPL 198.24 Decreased By ▼ -4.89 (-2.41%)
PRL 42.24 Decreased By ▼ -0.62 (-1.45%)
PTC 27.39 Increased By ▲ 0.06 (0.22%)
SEARL 110.08 Increased By ▲ 3.06 (2.86%)
TELE 10.52 Increased By ▲ 0.74 (7.57%)
TOMCL 36.62 Decreased By ▼ -0.01 (-0.03%)
TPLP 14.95 Decreased By ▼ -0.28 (-1.84%)
TREET 26.53 Decreased By ▼ -0.26 (-0.97%)
TRG 68.85 Decreased By ▼ -1.30 (-1.85%)
UNITY 34.19 No Change ▼ 0.00 (0%)
WTL 1.79 Increased By ▲ 0.03 (1.7%)
BR100 12,363 Decreased By -32.9 (-0.27%)
BR30 38,218 Decreased By -629.2 (-1.62%)
KSE100 117,120 Increased By 111.6 (0.1%)
KSE30 36,937 Increased By 72.2 (0.2%)

KARACHI: The State Bank of Pakistan (SBP) on Friday has extended import facility of cash US dollar by the Exchange Companies till June 30, 2024.

The SBP, in July last year, allowed the Exchange Companies import of cash US dollars up to 50 percent of the value of the export consignments of permissible foreign currencies within five working days, through reputed cargo or security companies till December 31, 2023.

As per Chapter 5 of Exchange Companies Manual (ECM), ECs were allowed to export permissible foreign currencies other than US dollars through cargo/security companies and repatriate equivalent to US dollars in their foreign currency accounts maintained with banks in Pakistan, within five working days from the date of export of foreign currencies.

ECs can import dollars in cash through cargo or security companies

Initially, the facility was for up to December 2023, now in order to ensure adequate supply of cash USD in open market, the SBP has extended the validity of this facility till June 30, 2024.

All other terms and conditions of abovementioned circular letter shall remain unchanged.

Prior to this facility, ECs were allowed to export the permissible currencies in cash but were required to bring dollars in their bank accounts. Now, with this move, ECs can also bring cash US dollars through cargo or security companies.

As per procedure, Exchange Companies, on need basis, may import cash US dollars against the value of their export consignments of permissible foreign currencies within five working days, through reputed cargo/security companies.

Exchange Companies, at the time of import of US dollars cash through their cargo/security companies, shall give prior written intimation to the Director, Foreign Exchange Operations Department (FEOD), SBP Banking Services Corporation (SBP-BSC), Karachi, and copy the same to the SBP-BSC staff at SBP-Customs Joint Booth at the designated airports.

Copyright Business Recorder, 2024

Comments

Comments are closed.