Circulars/Notifications / Statistics and Data Warehouse Department  

  Ref: NO. DS. PD.91.62/2009-479
09 March 2009

All Authorized Dealer

Dear Sir/ Madam,

 

Monthly Foreign Exchange Returns - Inclusion of NTN

 

Please refer to FE Circular No. 02 dated June 02, 2007 of Exchange Policy Department on the subject regarding NTN information for International Transaction Reporting System (ITRS). It has been observed that National Tax Number (NTN) is not reported according to the instructions issued by this department despite a lapse of one and half years. Besides, instructions have been issued and meetings conducted for guidance of banks from time to time to streamline the reporting of NTN.

It has been observed that NTN of individuals (managers. Directors, etc) are reported against transactions carried out by companies and business entities. As per instructions of FE Circular No. 02 dated June 02, 2007, the information about NTN of the entity/ company/ enterprise involved in the foreign exchange transaction is required to be reported against the transaction. Therefore, in order to further streamline the reporting of NTN, it is advised that.

(i). NTN of company/ business entity/ enterprise should be reported against the transaction made by company/ business entity/ enterprise. In case, NTN in the name of company/ business entity/ enterprise is not available, the space for NTN against transaction should be left as blank. However, particulars of the company and all other details about the transaction should also be reported separately to Statistics & DWH Department.
(ii). In case of department/ division, the correct department code from list no. 8 of Foreign Exchange Return Code Guide should be reported against the relevant transactions. In such cases, separate information will not be required even if departmental NTN is not available.
(iii). Prepare a database of verified NTN on the file structure enclosed. You are also advised to verify the acquired NTN from customers with information available on Federal Board of Revenue (FBR) website at URL http://www.fbr.gov.pk/NewNTN/default.aspx.
(iv). Please be advised that wrong / erroneous reporting of NTN will be taken as negligence on bank’s part which result in imposition of heavy penalty.

In case of any clarification/ query, please contact Mr. Mirza Kaleem Ullah, Assistant Director, Statistics & Data Warehouse Department, State Bank of Pakistan at Phone # 021 245 3685 e-mail: [email protected]


Sincerely,

Dr. Ishaque Ahmed Ansari
Senior Joint Director


       
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