KARACHI: As part of its ongoing drive to better regulate foreign currency transactions, the State Bank of Pakistan (SBP) on Friday made it mandatory for exchange companies to use only their employees to export soft currencies. The directives have been issued for registered exchange companies, which are allowed to export foreign currencies other than the US dollar, pound sterling, euro and UAE dirham. It has also been made compulsory for these companies to finalize the deal with overseas entity (buyer) before the shipment of each export consignment. “System generated deal ticket (specifying consignee name, address, contract details, amount, exchange rate, etc) must be accompanied with each request for exporting permissible foreign currencies,” a SBP circular said.
These directives were part of the Central Bank’s “elusive” efforts to strengthen monitoring of foreign exchange dealings, as loopholes in relevant laws did not allow it to take effective measures. In the light of this development, an employee of an exchange company would now have to show his appointment letter at the SBP-custom manned booths at airports before he proceeded on to journey abroad, they said.
this news published by www.apakistannews.com
