The Presidents/Chief Executives of all

Authorized Dealers in Foreign Exchange

Dear Sir/Madam,

REVISION OF FOREIGN EXCHANGE REGULATIONS ON EXPORTS - CHAPTER 12 OF THE FOREIGN EXCHANGE MANUAL

1. State Bank of Pakistan is in the process of reviewing the existing foreign exchange regulations in consultation with relevant stakeholders, including Authorized Dealers, in phased manner. The objective of this review is to align these regulations with the changing business environment and to enhance ease of doing business. In this respect, eleven chapters of the FE Manual have already been revised through FE Circulars No. 14 of 2018, 03 of 2019 and 01 of 2021 and placed at the SBP’s website.
2. In this regard, now Chapter 12 of FE Manual relating to exports has been revised. A number of significant changes have been made in the revised chapter to streamline the existing instructions, remove redundancies and delegate more powers to the Authorized Dealers. Some of the key changes made in the chapter are given hereunder:
   1. Paras 11A (Amended): Regulations on making & dispatch of shipping documents in the name of foreign buyer have been amended to allow SME as well as new exporters to use the facility.
   2. Para 15B (New): New paragraph has been added to include instructions relating to execution of export transactions under Pakistan Single Window system.
   3. Para 41 (New): Regulatory framework on Business to Business to Consumer (B2B2C) e-Commerce exports has been introduced to facilitate the exporters in selling their products through international digital marketplaces.
3. The existing chapter of the Foreign Exchange Manual is being replaced with the revised chapter at the SBP’s website, which is available at the following link: https://www.sbp.org.pk/laws-regulations/foreign-exchange-manual
4. Authorized Dealers are advised to bring the above development to the notice of all their constituents for meticulous compliance.