Reducing the time frame, State Bank of Pakistan (SBP) has revised reporting format for hotels having restricted authorisation to deal in foreign currencies. Bankers said that SBP has decided to further strengthen the monitoring of foreign currency management being handled by the hotels having permission for dealing in foreign currency to facilitate their customers.
The central bank while revising the reporting format has also reduced the time frame for reporting by two days and now authorised hotel will be required to submit monthly statement of foreign currencies dealing by 8th of each month.
According to EPD circular letter (No 06 2014) issued to all authorised dealers of foreign exchange/exchange companies & Pakistan Hotels Association, all the `Restricted Authorised Hotels' which were previously required to submit a monthly statement of purchase of foreign currencies by 10th day of subsequent month will now be required to do the same by 8th day of subsequent month through email to the SBP's Exchange Policy department from July, 2014.
Moreover, under the new/revised reporting format authorised hotels are required to submit all the details of foreign currency surrendered with bank/exchange companies during the month. US dollar, pound sterling and euro will be surrendered to the banks, while other currencies to exchange companies.
Authorised hotels will be required to submit the details of receipts of accommodation, receipts for goods and services through cash and credit card in Pak rupee other than foreign currency buying. As per new reporting format, hotels are also required to submit the details of total number of foreign guests stayed and the number of nights spent by them at their facilities.
SBP has asked authorised hotels to contact Exchange Policy or Statistics & Data Warehouse departments' deputy directors in case of any query. According to SBP, all other instructions on the subject shall remain unchanged.
It may be mentioned here that in exercise of the powers conferred by Section 3 of Foreign Exchange Regulation Act, 1947 (VII of 1947) and other instructions in connection with issuance of authorised money changers' licence, SBP has allowed restricted authorisation to 3, 4 & 5 star hotels only for foreign currency dealing.