The
Head Offices/Principal Offices of all
Authorised Dealers in Foreign Exchange
Dear
Sir/Madam,
Renaming of Exchange Policy
Department, SBPBSC (Bank)
Please refer to FE Circular No. 4 dated 15-02-2002 in terms
of which functions of Exchange Policy Department were bifurcated
as under:
i)
All policy and investment related issues would be dealt
with by the Exchange Policy Department, State Bank of
Pakistan, I. I. Chundrigar Road, Karachi.
ii) All operational matters pertaining to foreign exchange
would be directly handled by the respective Area Field
Offices of the SBP Banking Services Corporation (Subsidiary).
iii) Foreign Exchange issues other than those mentioned
in paras (i) and (ii) above including general matters
may be referred to the respective Area field offices of
SBP Banking Services Corporation or Director, Exchange
Policy Department, SBP Banking Services Corporation, Head
Office, Subsidiary House, I. I. Chundrigar Road, Karachi.
It
is further advised that due to the nature of the operations
the Exchange Policy Department, SBP Banking Services Corporation,
Head Office in Karachi and the Field Offices at various stations
has been renamed as Foreign Exchange Operations Department
(FEOD).
In
the wake of recent liberalization drive of the State Bank,
and a paradigm shift in SBP’s role from control to
guidance and monitoring culture, the powers to make remittances
on account of various foreign exchange transactions have
accordingly been delegated to Authorised Dealers. The renamed
“Foreign Exchange Operations Department” has
various sections to take care of operational matters. All
operational issues pertaining to the following areas should
be referred to FEOD of SBPBSC (Bank) field offices at various
stations:
(i)
Export & Import
(ii) Export Outstanding / Overdue
(iii) Export Verification Claims/ Performance
(iv) Commercial Remittance (Insurance, Shipping & Airlines)
(v) Oil & Shipping Issues
(vi) Commission Related Remittances
(vii) Private Remittance
(viii) Submission of Returns & Statistical Data
(ix) Money Changers’ Affairs
(x) Exchange Allocations & Releases
(xi) All other operational matters
As
a consequence of the above, the Exchange Policy Department
of State Bank primarily deals only with the policy issues
and not the daily routine operations and reporting.
In
case of any inquiry regarding the policy and its interpretation,
EPD officials will be available, while operational issues
in the respective area mentioned above may be referred to
FEOD at SBPBSC (Bank) at various field offices. All sorts
of suggestions/proposals from the stakeholders for revision
of existing regulations or for introducing new rules/regulations
may be forwarded to the Director, Exchange Policy Department,
SBP, Karachi. The persons requiring any clarification/guidance
may write to the same address or through our help desk situated
at EPD SBP or at [email protected].
Please bring the above to the notice of your constituents.
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