The State Bank of Pakistan (SBP) has made changes in reporting of monthly foreign exchange returns. Data acquisition of Form-E basic information has been streamlined and in order to utilize the information, some changes have been made in existing International Transactions Reporting System (ITRS).
A new schedule A-4/O-4 has been introduced in ITRS for capturing utilization against advance payments recorded on Advance Payment Vouchers (APVs) and reported through ITRS schedule A- 2/O-2. Authorized Dealers will use this schedule for reporting shipments made during the reference month against advance payments received earlier, a SBP circular issued on Monday said.
Purpose of Schedule A-1/O-1 has been revised to capture all post-shipment export proceeds including final/full as well as part payments other than advance payments.
In addition, purpose of Schedule A-2/O-2 has also been revised to capture only APVs. Part payments will be reported on schedule A-1/O-1. Two variables have been added to schedule E-4/P-4 for reporting reference of refund on M-form against exports proceeds realized earlier. As per the amendment, CNIC has been made mandatory for non-business transactions in schedule E-4/P-4.
Updated ITRS client application for banks/ADs has been placed on Knowledge Centre of SBP Data Acquisition Portal (DAP). All Authorized Dealers have been advised to download and install latest version of ITRS client (version 5.0.5) from the DAP.
Authorized Dealers have been advised to use revised format for reporting data pertaining to July 2019 onwards. The SBP has advised Authorized Dealers to bring the same to the notice of all their constituents, adding that all other instructions will remain unchanged.
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