The Presidents/Chief Executives of all

Authorized Dealers in Foreign Exchange

Dear Sirs/Madam,

Amendments in Instructions regarding Advance Payment against Imports and Imports on Open Account Basis

1. Attention of Authorized Dealers is invited to FE Circular No. 06 dated July 14, 2018 and FE Circular No. 07 dated July 20, 2018 containing revised instructions regarding advance payment against imports and imports on open account basis respectively.
2. In view of the representations made to the State Bank by various stakeholders, it has been decided to modify the subject instructions as under:

1. Advance Payment against Imports
   The restriction imposed on advance payment against imports shall not apply on letters of credit, containing clause regarding advance payment, established on or before the date of issuance of above instructions i.e. July 14, 2018.
2. Imports on Open Account Basis
   The conditions regarding issuance of shipping documents on or before July 20, 2018 and filing of Goods Declaration with Pakistan Customs by August 10, 2018 shall not apply in cases where consignments had gated-in/entered the ports of shipment on or before the date of issuance of above instructions i.e. July 20, 2018. To this effect, the Authorized Dealers shall obtain satisfactory documentary evidence from the importers.

3. The Authorized Dealers shall maintain the record of all above transactions and produce the same to SBP inspection teams, as and when required.
4. All other instructions on the subject shall remain unchanged. Authorized Dealers are advised to ensure meticulous compliance of the above instructions.