KARACHI: The State Bank of Pakistan (SBP) on Wednesday said that there is no ban on transit trade transactions through any country.
“In order to promote regional trade, it is clarified that there is no prohibition by the State Bank of Pakistan on transit trade transactions through any country including under the Transports Internationaux Routiers (TIR) Convention; provided no sanctioned item, person or entity is involved,” the SBP said in a circular issued to Presidents and Chief Executives of all Authorized Dealers in Foreign Exchange.
Similarly, through another circular, the State Bank has revised formats for consolidating the orders for Conventional Naya Pakistan Certificates (NPCs) & Islamic Naya Pakistan Certificates (INPCs)
$2,000 and above: Exchange Companies must conduct sale transactions through banking channels: SBP
According to SBP, the agent banks are hereby informed that the formats for consolidating the orders for NPCs and INPCs received from Foreign Currency Value Account (FCVA) or Non-Resident Rupee Value Account (NRVA) holders are revised.
The revisions will be in force with immediate effect. Remaining SOPs as per the aforesaid circulars will remain unchanged.
Copyright Business Recorder, 2022