The
Head Offices/Principal Offices of
Authorized Dealers in Foreign Exchange.
Dear
Sirs,
MONTHLY FOREIGN EXCHANGE
RETURNS – REVISION OF CODE NUMBERS
In the process of adoption of International standards and
compilation of balance of payments statistics under the
revised system as described in the Fifth Edition of the
Manual (BPM5) by the IMF, we are introducing the Harmonized
Commodity Description and Coding System (HS codes) to facilitate
the classification of the commodities. The exporters, importers
and Authorised Dealers in Foreign Exchange are already well
conversant with these codes.
The system also requires having
the new codes for “Invisibles” which are incorporated
in the code lists. Besides, the Department list has been
revised/enlarged and new codes have been allotted to various
Departments. The country code list has been updated, whereas,
the country/currency codes remain unchanged.
Code Guide on Monthly Foreign
Exchange Returns has accordingly been prepared. The main
purpose of the Guide is to provide guidelines to the respondents
for reporting of the data on foreign exchange transactions
according to the new system. It also gives Conceptual Framework,
Definitions, and Standard Component Classification in accordance
with BPM5. The Guide is a supplement to the Chapter XXII
of the Foreign Exchange Manual (Eighth Edition-2002) and
is to be used in line with the instructions issued from
time to time by the SBP. This Code Guide is also available
on SBP Website at www.sbp.org.pk/circular.htm.
Following are the various
changes made:
i. Summary Statements S-1
(Appendix V-100) and S-6 (Appendix V-103) have been revised,
whose new formats are enclosed, which will replace the existing
summary statements S-1 (Appendix V-100) and S-6 (Appendix
V-103) of Volume II of FE Manual (8th Edition-2002)
ii. The submission of Summary
Statement S-5 (Appendix V-102) has been dispensed with.
Accordingly, following may be deleted in Chapter XXII of
FE Manual (8th Edition-2002):
1. Under para 5 Quote “"S-5"
statement for transactions under Rupee barter (Appendix
V- 102).” Unquote.
2. Para 6(iii)
3. 4th row pertaining to ‘S-5’
in the Table under para 10
iii. Existing para 6(iv) may
be re-numbered as para 6(iii)
iv. Para 12 may be replaced
with:
“Method of Despatch
of Statements “S-1”, “S-4” and “S-6”
to the State Bank.
When the statements are being
dispatched to the State Bank, they should be put in separate
envelopes or packages i.e. the "S-1", "S-4"
and "S-6" statements each separately. On the outside
of the envelopes or covers preferably on the back on the
top left corner, the name of the Authorised Dealer, the
last date of the respective period, the type of statement
enclosed and the currency should be shown. Example: XYZ
Bank, Period ended 31-10-2001 "S-1", U.S. $.
Transactions under barter agreement
expressed in foreign currencies will be reported on "S-1"
statement.
The statements "S-1",
"S-4" and "S-6" should be made as on
the last day of each month. They should reach the State
Bank at the latest by the 3rd of the following month to
which they relate from the branches and by the 7th from
the Head Offices of Authorised Dealers. However, as the
various statements are to be sent in separate covers, those
statements which are completed earlier may be sent immediately
without waiting for others which may still be under preparation.”
v. Code Lists No. 4 &
6 under foreign exchange Code Guide used for coding Exports
and Imports (Schedule A1/A2/A3) have been replaced with
HS Codes Commodity Classification
vi. Code List No. 5 used for
Purpose Codes of Invisible Receipts (Schedule J) has been
revised and replaced as per coverage and definitions of
BPM5
vii. Code List No. 7 used
for Purpose Codes of Invisible Payments (Schedule E3/E4)
has been revised and replaced as per coverage and definitions
of BPM5
viii. Code List No. 8 meant
for Department Codes for Payments (Schedule E2/E3/E4) has
been revised
You are, therefore, advised
to supply the floppy diskette containing monthly foreign
exchange data starting from the month of April, 2003 onwards
to the Statistics Department under the revised system by
due date as per existing requirements. The revised Software
of the System and the Code Guide will be provided by the
Statistics Department, State Bank of Pakistan. Hard copies
of the foreign exchange returns based on revised system
will be sent through SBPBSC Area Offices as per practice
in vogue.
In case of any difficulty /query,
the matter may please be referred to the Director, Statistics
Department, State Bank of Pakistan for clarification at
Fax 021-9212569 or e-mail [email protected]
Please bring the above to
the notice of your all constituents.
STATEMENT
S -I
STATEMENT
S -6