The State Bank of Pakistan (SBP) has given extension to exchange companies to import cash US Dollars up to 50 percent of the value of their export consignments by June 2024.
The previous deadline expired on December 31, 2023. The time period was extended for exchange companies to ensure adequate supply of cash USD in open market, according to the circular issued by the SBP.
The banking regulator allowed exchange companies 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.
The Exchange Companies shall include such arrangement 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. The import consignment shall be verified as per procedure laid down for 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 cash is being imported. Exchange Companies shall ensure that all transactions related to import of cash shall be properly reflected in their books of accounts.
