The Head/ Principal Offices of all
Authorized Dealers in Foreign Exchange
Dear
Sirs/Madam
Export
of Surplus Cash US Dollars by the Authorized Dealers
Attention of the Authorized Dealers (ADs) is invited to
Para 8 of Chapter XI of FE Manual (8th Edition, 2002), in
terms of which Authorized Dealers are allowed to dispatch
their surpluses of FCY notes to their agents or correspondents
abroad for crediting the value to their FCY Nostro Accounts.
a)
The scope of the procedure allowed, of disposal of surplus
Cash Foreign Currencies, by way of export by the ADs is
being widened and it has been decided to allow the ADs to
sell their surplus cash US Dollars to the respective Field
Offices of SBP – Banking Services Corporation, as
per the following procedure:
i)
ADs having surplus cash US Dollars will approach the designated
Field Offices of SBP - Banking Services Corporation in their
respective areas for depositing the same on account of SBP.
Ten Field Offices of SBP-BSC have been designated for this
purpose, namely Karachi, Lahore, Islamabad, Rawalpindi,
Peshawar, Faisalabad, Gujranwala, Sialkot, Multan and Quetta.
ii) Packets of US Dollar Currency notes (100 pieces) only
in the denomination of US$50/- and US$100/- will be acceptable.
Minimum amount acceptable for deposit would be US$ 100,000/-.
iii) The packets will be opened and notes will be counted
by the staff of the Field Office of SBP - Banking Services
Corporation in the presence of the representative of the
concerned AD.
iv) Counted currency notes will be re-packed and sealed
under the joint signatures of representatives of the concerned
AD and official from SBP - Banking Services Corporation.
v) The AD will remain responsible for any forged/counterfeit
notes, if later found in the currency deposited.
vi) SBP will provide credit of the counter value in the
Nostro Account of the AD in the same value date, on confirmation
of balances from SBP – Banking Services Corporation
Field Offices.
b)
ADs are further advised to report henceforth, as of the 15th
and 30th/31st of each month, currency-wise export of FCYs
by them on an aggregate basis. Such reports, covering the
fortnightly period, are required to be submitted by each bank
to Exchange Policy Department, State Bank of Pakistan, by
19th and 4th of each month for the preceding fortnight.
Authorized Dealers are requested to bring the above to the
notice of all their constituents.
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