Circulars/Notifications - Exchange Policy Department  
 FE Circular No. 09 of 2017

September 15, 2017

The Presidents/Chief Executives of all
Authorized Dealers in Foreign Exchange

Dear Sirs/Madam,

Payment against Imports made on Open Account Basis

       Attention of Authorized Dealers (ADs) is invited to Para 17, Chapter 13 of Foreign Exchange Manual-2017 which sets out instructions regarding payments against imports made on open account basis.

2.    In the wake of successful implementation of Electronic Import Form (EIF) module, it has been decided to do away with the requirement of submission of original shipping documents for making payment against goods imported on open account basis (open account includes import transactions in which documents have been received by importer or AD directly from the foreign supplier).

3.    In this regard, the following procedure shall be adopted to make payment against goods imported on open account basis:

  1. An importer shall get the EIF approved from an AD before clearance of goods by Pakistan Customs. The ADs shall approve the EIF request upon submission/retention of photocopies of shipping documents (e.g. B/L, AWB, TR, RR, Courier Receipt etc.), proforma invoice, commercial invoice etc.

  2. ADs are required to perform Customer Due Diligence (CDD)/Know Your Customer (KYC) of the importers, being their account holders/customers, as per applicable instructions. The ADs shall take all possible measures to verify the bonafides of the importer and genuineness of the transaction before approving the EIF.

  3. ADs shall ensure that the goods imported into Pakistan are in conformity with the prevailing Import Policy Order issued by the Ministry of Commerce.

  4. ADs shall ensure that payments against goods imported on open account basis are made by the importer within six months from the date of filing of Goods Declaration Form (GD) for which proper follow up must be made with the importer.

  5. In addition to the documents mentioned at sub-para (i) above, ADs shall obtain copies of GD(s) and duty paid challan/payment receipt, wherever applicable, and make payment after verifying, through WeBOC user ID, attachment of GD(s) with the respective EIF. In case of bonded import, AD shall obtain duty paid challan(s)/payment receipt(s) from the importer in due course.

  6. ADs must ensure that the payment being made against imported goods is not more than the declared value of goods imported into Pakistan.

  7. ADs shall fill in Bank Debit Advice (BDA) for each EIF in WeBOC at the time of making import payment as provided in EIF module and settle the EIF in WeBOC as per applicable instructions.

  8. ADs are required to ensure compliance of proper AML/CFT guidelines while handling trade transactions.

4.    In case the importer fails to make remittance/payment of goods imported on open account basis within the above stipulated time, appropriate regulatory/legal action may be initiated against the importer.

5.    In case the importer/AD is unable to fulfill any of the above conditions/requirements, Authorized Dealers shall refer the case to the Foreign Exchange Operations Department, SBP-BSC, Head Office, Karachi for prior approval.

6.    All other terms, conditions and instructions in the matter shall remain unchanged.

7.    Authorized Dealers are advised to bring the above to the knowledge of all their constituents.

Yours truly,

(Fazal Mahmood)

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