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

Dear Sir/Madam,

Amendments in Instructions regarding ‘Imports under Pakistan Single Window (PSW)-Financial Instrument Details’ and ‘Guarantees on behalf of Residents of Pakistan in favor of Non-Residents’

          Attention of Authorized Dealers is invited towards Para 6B (viii), Chapter 13 and Para 10, Chapter 19 of Foreign Exchange Manual (FEM) which contains instructions for issuance of Financial Instrument (FI) and Standby Letter of Credit (SBLC), inter alia, for import of goods.

2.         In view of the ongoing geopolitical situation and to facilitate import of Crude Oil/ Petroleum Products and Liquefied Natural Gas (LNG), it has been decided to allow/delegate following functions to the Authorized Dealers:

1. Issuance of FI for the import of crude oil and petroleum products at the time of registration of import contract.
2. Issuance of SBLC for the import of crude oil, petroleum products and LNG.

3.         To give effect to the above instructions, relevant sections of Para 6B (viii), Chapter 13 and Para 10, Chapter 19 of FEM have been amended. The revised instructions under the above paras are enclosed as Annexure-A.

4.         Authorized Dealers are advised to bring the above development to the notice of all their constituents for meticulous compliance.

 

Enclosed: Annexure-A