KARACHI: The State Bank of Pakistan (SBP) Thursday said that Authorized Dealers, with immediate effect, shall seek prior permission from Foreign Exchange Operations Department (FEOD), SBP-BSC before initiating transactions for import of goods subject to some conditions.

According to the SBP, the requirement shall be applicable for all import transactions initiated by Authorized Dealers through (i) issuance/amendment of letter of credit; (ii) registration/amendment of contract; (iii) making advance payment; and (iv) authorizing transactions on open account or collections basis. The requirement shall not be applicable on import transactions initiated by the Authorized Dealers on or before the date of issuance of this circular letter.

Authorized Dealers may approach Director, FEOD, along with appropriate documents and its recommendation on a case to case basis.

Copyright Business Recorder, 2022