The Head/Principle Offices of all
Authorized Dealers in Foreign Exchange
Sir / Madam,
Regarding Operations of Private
Foreign Currency Accounts
of Authorized Dealers is invited to Chapter VI of Foreign
Exchange Manual (FEM) in terms of which Authorized Dealers
may, without prior approval of the State Bank, open with
them foreign currency accounts as detailed therein and other
applicable SBP rules and regulations.
In this respect, Authorized Dealers are advised to strictly
observe the following:
applicable SBP instructions including Prudential Regulations
regarding AML/KYC should be strictly followed.
As already advised in Para 1(iii), Chapter VI of FEM, the
Corporate Bodies/Legal entities cannot generate funds from
the kerb market for deposit in their foreign currency accounts.
It is reiterated that personal foreign currency accounts
of any nature should not be used for commercial and business
Further, in case of any deposit of foreign currency notes
of more than USD 10,000 (or equivalent in other currencies)
in a single day, the account holder shall be required to
present the original receipt of aquisition. The Authorized
Dealer shall keep on record the copy of such receipt.
bring the above contents to the knowledge of all your constituents.