Circulars/Notifications - Exchange Policy Department  
EPD Circular Letter No. 03 of 2013

February 27, 2013

The Head/Principle Offices of all
Authorized Dealers in Foreign Exchange


Dear Sir / Madam,

Clarification Regarding Operations of Private
Foreign Currency Accounts


Attention 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:

(a)  All applicable SBP instructions including Prudential Regulations regarding AML/KYC should be strictly followed.

(b)  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.

(c) It is reiterated that personal foreign currency accounts of any nature should not be used for commercial and business purposes.

(d) 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.


Please bring the above contents to the knowledge of all your constituents.


Yours faithfully,


(Mohammad Mansoor Ali)

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