Circulars/Notifications - Exchange Policy Department  
 EPD Circular Letter No. 18 of 2020

August 26, 2020

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

Dear Sir/Madam,

Implementation of SBP Regulatory Approval System

Attention of the Authorized Dealers (ADs) is invited to EPD Circular Letter No. 08 dated March 20, 2020, in terms of which the ADs were advised to submit all cases pertaining to functions of Exchange Policy Department (EPD) through Regulatory Approval System (RAS) with effect from March 24, 2020, in addition to the manual submission of cases through surface mail. Further, manual submission of cases to Foreign Exchange Operations Department (FEOD), SBP-BSC was discontinued.  

2. In this context, it has been decided that manual/paper-based submission of cases to EPD through surface mail shall stand discontinued with effect from August 28, 2020.

3. Further, it has been observed that ADs resort to fill in the mandatory field of email address of applicant/customer with invalid email address due to which system is unable to update the status of case to the applicant. Similarly, some ADs are re-submitting the old/discrepant cases, once submitted through RAS, with new case numbers. Such practices have been viewed with concern. Accordingly, it has been decided that:

  1. ADs shall provide valid email address of the applicant while submitting cases to EPD and FEOD (SBP-BSC) in RAS. Accordingly, submission of cases without customer’s valid email address after August 28, 2020 shall not be accepted.

  2. Discrepant/old cases, once submitted through RAS, should not be submitted as new cases.

  3. Submission of cases to EPD and FEOD (SBP-BSC) through RAS with incorrect/invalid customer’s email address may attract enforcement action(s) from SBP, as per the applicable laws/regulations.

4. All other instructions on the subject shall remain unchanged.

5. ADs are advised to bring the above instructions into the knowledge of all their constituents for meticulous compliance.


Yours truly,


(Arshad Mehmood Bhatti)

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