Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 5 of 2005
June 14 , 2005 

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.

 


(Azhar Kureshi)
Director


       
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