Circulars/Notifications - Exchange Policy Department  
 EPD Circular Letter No. 03 of 2021

March 16, 2021

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

Dear Sir/Madam,

End-To-End Digitalization of Foreign Exchange related Cases

          Attention of Authorized Dealers (ADs) is invited to EPD Circular Letter No. 08 dated March 20, 2020 and Circular Letter No. 18 dated August 26, 2020 in terms of which SBP implemented Regulatory Approval System (SBP-RAS) and abolished manual submission of cases by ADs to Exchange Policy Department, SBP and Foreign Exchange Operations Department, SBP-BSC.

2.     To further extend the digitalization drive, enhance operational efficiency and transparency, promote ease of doing business and make case submission cost effective and environment friendly, SBP encouraged ADs to develop their own portals to connect their customers. For the purpose, ADs were advised to provide an online platform to their customers to submit the Foreign Exchange (FX) cases digitally, thus abolishing paper based case submission. In this backdrop, twenty-one (21) Authorized Dealers have already developed their portals, started onboarding their customers and receiving FX cases digitally, while the rest are in process of developing their digital platforms/ portals.

3.     Going forward, SBP is envisaging that paper-based submission of FX related cases to ADs by their customers would be discontinued. Accordingly, all ADs are advised to complete development of portals, onboard & educate their customers and take all necessary measures, with immediate effect, to discontinue paper-based submission of FX related cases to them by their clients latest by June 30, 2021. In order to address legal, technology and other risks arising due to use of digital medium, ADs must make comprehensive mitigation arrangements and institute effective contingency plans to ensure operational continuity in case of any disruption in their portals’ service.

4.     ADs are advised to bring the above instructions to the knowledge of all their constituents and ensure meticulous compliance of the same. In case of failure, the relevant AD’s may not be able to provide all the foreign exchange related services to their customers resulting in reputational risk and business loss for the concerned ADs besides exposing them to regulatory action under the applicable laws.  


Yours truly,


(Arshad Mehmood Bhatti)

Back to Circular Page / Home Page
About SBP
Economic Data
Press Releases
Laws & Regulations
Monetary Policy
Help Desk
SBP Videos
Contact us
What's New?
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Rupey ko Pehchano
Zahid Husain Memorial Lecture
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.