Banks told to launch drive for realisation of export proceeds

The State Bank of Pakistan on Tuesday directed banks to immediately launch a campaign for realisation of overdue export proceeds. As per provisions of Foreign Exchange Regulation Act 1947 and the State Bank's rules & regulations governing timely realisation of export proceeds is necessary for Authorised Dealers in Foreign Exchange.
According to SBP EPD Circular Letter No 01 /1(51) Misc-2014, it has, however, been observed that despite State Bank's clear instructions, a substantial amount of export proceeds are overdue which has been viewed seriously by the regulator. In terms of related instructions and undertaking on 'E'- Forms, the Authorized Dealers are also bound to ensure repatriation of export proceeds on due date, the circular said. "The authorised dealers are advised to immediately launch campaign for realisation of overdue export proceeds," the SBP directed banks. The SBP has also advised authorised dealers to submit a weekly progress report in the matter to the Director, Foreign Exchange Operations Department, SBP-BSC (Bank), Karachi.