The State Bank of Pakistan (SBP) Tuesday announced that it is doing away with the requirement of submission of hard copies of monthly foreign exchange returns to SBP-BSC. According to FE Circular No. 08 of 2017 issued on August 15, 2017, as per various instructions contained in Foreign Exchange Manual-2017 in terms of which Authorized Dealers are required to submit monthly foreign exchange returns to Statistics and Data Warehouse Department (S&DWD), SBP, Karachi and SBP - Banking Services Corporation (SBP-BSC) as per the guidelines mentioned therein.
In this regard, it has been decided to dispense with the requirement for submission of hard copies of summary statements, schedules, Electronic Import Forms, Electronic Forms E, M Forms, R Forms and Inward Remittance Vouchers (IRVs) through monthly returns to the area offices of SBP-BSC from the month of August, 2017 onwards, the circular said.
However, Authorized Dealers will continue to submit some other returns to SBP/SBP-BSC as per the prevailing practice/instructions. As per new directives monthly foreign exchange data (return) will be submitted through International Transactions Reporting System (ITRS) to SBP.
In addition, hard copies of manual E-Forms, export advance payment vouchers and statements/returns reported through Appendices-V and others will be required to be submitted along with supporting documents. Further, Authorized Dealers will maintain complete record/documents of monthly foreign exchange returns as per existing procedure and will present the same to SBP/SBP-BSC for onsite inspection and offsite monitoring, as and when required.
Authorized Dealers will also ensure that foreign exchange data reported in ITRS is accurate, complete and as per the prescribed format. Misreporting, non-reporting or non-compliance of any rule/regulation/instruction on the part of Authorized Dealers shall attract regulatory action under the related provisions of the Foreign Exchange Regulation Act, 1947.
According to SBP's circular, all other terms and conditions on the subject shall remain unchanged. Authorized Dealers have been advised by the SBP to bring the new directives to the notice of all their constituents and ensure meticulous compliance.