Karachi, July 22, 2019: State Bank of Pakistan has clarified that it has changed
SBP on Monday said that Foreign exchange policy and its operations in Pakistan are formulated and regulated in accordance with the provisions of the
One of these revised chapters, 11, includes regulations on ‘Dealings in Foreign Currency Notes and Coins, etc. By the Authorized Dealers (banks). With respect to revised Chapter 11, it has come to our notice that there are some confusions/ misinterpretations regarding Para 2 suggesting that SBP has allowed the banks
It would be pertinent to mention here that even before the recent revision in Chapter 11, “every authorized branch is permitted to deal in foreign currency notes, coins, deposits, credits, drafts, traveler’s
The authorized dealers, therefore, the instructions related to sale/purchase of foreign currency notes have been added in Chapter 11 with emphasis on Authorized Dealers regarding compliance with AML/CFT regulations.
Further, the existing instructions issued by SBP vide Notification No. F.E.1/2012-SB dated the 16th June, 2012 regarding currency declaration to the Customs authorities by the inbound travelers on amount exceeding US$ 10,000, or equivalent in other currencies, have also been incorporated in revised Chapter 11.