Attention of Authorized Dealers is invited to Para 7, Chapter XII of Foreign Exchange Manual-2002 which contains the instructions on the subject. In order to ensure effective implementation of the instructions, the above mentioned Para has been revised as under:

“7. Retention Period of Export Proceeds.

It is permissible for exporters to retain the export proceeds including ‘Advance Payments’ in foreign currency with an Authorized Dealer in Pakistan for three working days and to sell the same within this period to any Authorized Dealer. The foreign currency so retained shall be kept by the Authorized Dealers in ‘Special Exporters’ Account’ outside their ‘Exposure’ limits. However, if an exporter does not conclude a transaction with an Authorized Dealer by end of the third working day, the Authorized Dealer that has received the export proceeds shall purchase the same at the ‘buying’ rate of weighted average customer exchange rate of that day as available on SBP website under advice to the concerned exporter.”

Authorized Dealers are advised to bring the above to the notice of all their constituents and ensure strict compliance.