The
Head/Principal Offices of
Authorised Dealers in Foreign Exchange
Dear
Sir,
REPORTING OF TRANSACTIONS IN
MONTHLY EXCHANGE RETURNS
It has been observed that various banks have centralized
their outward remittances in the main branch/ a single branch
at Karachi and these transactions are being reported by
these remitting branches in their monthly foreign exchange
returns instead of the designated branch i.e. the branch
to whom approval for remittance has been granted by State
Bank of Pakistan or SBP Banking Services Corporation (Bank).
This practice is creating serious problem in compiling statistics
of outward remittances.
Banks
are advised that there is no restriction on effecting all
outward remittances from treasury or any centralized branch.
It should, however, be ensured that the transactions are
reported to the concerned area office of SBPBSC (Bank),
by the designated branch i.e. the branch to whom the approval
for remittance has been granted by State Bank of Pakistan
or SBPBSC (Bank).