Circulars/Notifications - Exchange Policy Department  
 EPD Circular Letter No. 08 of 2020

March 20, 2020


The Presidents/Chief Executives of all
Authorized Dealers in Foreign Exchange


Dear Sirs / Madam,

Implementation of SBP Regulatory Approvals System

          In pursuance of its strategic goal to strengthen organizational efficiency and effectiveness, State Bank of Pakistan (SBP) has developed the Regulatory Approval System (RAS) which provides an online platform to Authorized Dealers (ADs) to interact with the regulator for submission of cases and receive regulatory decisions there against.

2.     In the first instance, the functions of Foreign Exchange Operations Department (FEOD), SBP Banking Service Corporation (SBP-BSC) were automated through RAS, which is currently running in parallel with manual submission of cases by ADs. After successful completion of parallel run, it has been decided to abolish submission of manual cases with effect from March 24, 2020.

3.      On the similar lines, the functions of Exchange Policy Department (EPD) have also been automated, and it has been decided that ADs shall, with effect from March 24, 2020, submit all cases pertaining to functions of EPD through RAS in addition to the manual submission of cases through surface mail till further instructions. The distinct case number generated by RAS shall be marked on the cover letter (in capital letters) by ADs while submitting the case through surface mail to EPD.

4.      ADs can submit cases online with respect to functions being performed by EPD and FEOD by accessing RAS through the following link during office hours prescribed by BPRD from time to time:

https://portal.sbp.org.pk/km

5.      In order to facilitate users, a service desk has been created where ADs can lodge their complaints in relation to business and technical aspect of RAS for EPD and FEOD.  The service desk can be accessed by ADs at the following link:

https://support.sbp.org.pk/

6.      With a view to ensure standardization of the case submission, following instructions shall be meticulously followed while submitting cases to EPD and FEOD:

  1. ADs shall forward all cases on prescribed forms along with their covering letter and specific recommendations.  The cover letter shall be signed by two authorized officers of an AD, one of them must be the respective Departmental/Business/Group Head. Further, the cases shall be duly supported by required documents, which are attested by the authorized officials of AD who shall affix his/her rubber stamp and signature thereon as a token of having examined the documents and satisfied him/herself to the best of his/her knowledge and belief about the genuineness of the documents.

  2. It shall be the responsibility of ADs to carry out necessary due diligence and satisfy themselves about the bonafides of the applicants, beneficiary and other related parties as required under relevant Anti Money Laundering, Combating Financing of Terrorism and Foreign Exchange laws, rules and regulations.

  3. ADs shall submit the cases after detailed scrutiny of the underlying transaction(s), allied document(s), and ensure their correctness and genuineness. The ADs shall also be responsible to provide a brief on the underlying request concluding with specific recommendation on their cover letter while forwarding the cases.

  4. ADs shall be required to immediately communicate the decision received through RAS to its customers and shall solely be responsible for any financial or legal consequences arising out of delayed communication of decision to the customer.

  5. ADs shall submit all time sensitive cases such as Government Subsidy Schemes etc. instantly to avoid system congestion and they shall solely be responsible for any financial or legal consequences arising out of delayed submission of cases.

  6. ADs shall maintain complete record of cases processed through RAS as per existing instructions and shall present the same to SBP’s/ SBP-BSC’s on-site inspection and offsite monitoring teams, as and when required.

7.       The detailed instructions for RAS in respect of functions of FEOD, SBP-BSC are available in User Manuals, which are attached herewith. ADs are advised to bring the above instructions to the notice of all their constituents and ensure meticulous compliance.

8.       The cases submitted with incomplete documents or without following the procedure described in User Manual shall not be attended and shall be returned to the respective AD. ADs shall solely be responsible for any financial or legal consequences due to delay in this regard.

Enclosed:

  1. RAS User Manual-FEOD

  2. Annexures of RAS User Manual-FEOD

  3. RAS User Administration Guide-FEOD

  4. Service Helpdesk User Guide-FEOD
 

Yours truly,

-Sd-

(Arshad Mehmood Bhatti)
Director


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