The Presidents/Chief Executives of all
Authorized Dealers in Foreign Exchange
REVISION OF FOREIGN EXCHANGE REGULATIONS ON IMPORTS - CHAPTER 13 OF THE FOREIGN EXCHANGE MANUAL
State Bank of Pakistan is in the process of reviewing the existing foreign exchange regulations in consultation with different stakeholders, including Authorized Dealers, in phased manner, with a view to align these regulations with the changing business environment and to enhance ease of doing business. In this respect, eleven chapters of the FE Manual have already been revised through FE Circulars No. 14 of 2018, 03 of 2019, 01 of 2021 & 05 of 2021 and placed at the SBP’s website.
2. In this regard, Chapter 13 of FE Manual relating to imports has been revised. A number of significant changes have been made in the revised chapter to streamline the existing instructions, remove redundancies and delegate more powers to the Authorized Dealers. Some of the key changes made in the chapter are given hereunder:
- Para 6B (New): Instructions relating to execution of import payments under Pakistan Single Window system have been introduced.
- Paras 5, 9 & 13 (Amended): Regulations on incoterms, opening of letter of credit and remittances of excess amount under LCs/ Contracts have been revised to delegate powers to Authorized Dealers to process such requests by importers.
- Para 30 (Amended): Instructions on advance remittances against imports has been revised to align them with current business environment.
3. The existing chapter of the Foreign Exchange Manual is being replaced with the revised chapter at the SBP’s website, which is available at the following link: http://www.sbp.org.pk/fe_manual/index.htm
4. Authorized Dealers are advised to bring the above development to the notice of all their constituents for meticulous compliance.