The State Bank of Pakistan (SBP) has allowed exchange companies to import cash US Dollars on a need basis, against the value of their export consignments of permissible foreign currencies within five working days, through reputed cargo/security companies.
This arrangement shall initially be in place till December 31, 2023, and will be subject to the condition that total cash US Dollars imported by an exchange company during this period shall not exceed 50 percent of the value of its export consignments, according to the circular issued by the SBP.
The exchange companies shall include such arrangements in their deal with the overseas entity. The system-generated deal ticket shall also include particulars of the amount to be imported as cash US Dollars, if any, out of the total export consignment.
Exchange companies, at the time of import of US Dollars through their cargo/security companies, shall give prior written intimation to the Director, Foreign Exchange Operations Department (FEOD), SBP Banking Services Corporation (SBP-BSC), Karachi, and copy the same to the SBP-BSC staff at SBP-Customs Joint Booth at the designated airports.
They will also provide an original deal ticket of a foreign bank/exchange company clearly showing the amount of cash US Dollars imported, which shall be signed and stamped by SBP-BSC officials at the booth after verification.
The foreign government’s customs and/or other export documents in original must also be submitted at SBP-Customs Joint Booth, which shall also be stamped by SBP-BSC officials. A copy of these signed and stamped documents must be kept in the record by the exchange company for on-site inspection by the State Bank’s inspection team.
The import consignment shall be verified as per the procedure laid down for the export of foreign currencies. After verifications, the consignment shall be packed again, sealed and handed over to the cargo/security company for onward delivery to the exchange company.
Exchange companies must ensure compliance of all relevant laws and regulations including those of the jurisdiction from where US Dollars are being imported.
Exchange companies shall ensure that all transactions related to the import of cash shall be properly reflected in their books of accounts.
It is pertinent to mention here that exchange companies are already allowed to export permissible foreign currencies other than US Dollars through cargo/security companies and repatriate equivalent US Dollars in their foreign currency accounts maintained with banks in Pakistan, within five working days from the date of export of foreign currencies.
