Attention of the Authorized Dealers is invited to Para 30, Chapter 13 of Foreign Exchange Manual – 2017, EPD Circular Letter No.07 dated February 24, 2017, FE Circular No.05 dated May 10, 2017 and FE Circular No.07 dated June 13, 2017 in terms of which they are, interalia, required to recover penalties/exchange gain and deposit the same with the Exchange Policy Department, State Bank of Pakistan or Foreign Exchange Operations Department, SBP-Banking Services Corporation through Demand Draft/Payment Order, as the case may be.
 
2.         In order to streamline the payment procedure through more efficient electronic payment mechanism, it has been decided that, henceforth, Authorized Dealers shall deposit the amount of penalty/exchange gain with the State Bank through RTGS Clearing Account No. 427518.

3.         A consolidated statement in respect of all such cases will be submitted by Head/Principal Offices of the Authorized Dealers to the Director, Foreign Exchange Operations Department, SBP-Banking Services Corporation on monthly basis as per the attached formats.

4.         Authorized Dealers are advised to bring the above to the notice of all their constituents

Encl: Annexure I