Please refer to our letter Ref: DS. EA. Gen./2008-433 of 20 February 2008, wherein banks were advised to submit supporting forms (E, I, R/IRV, M) to this department for all the transactions of one million US dollars and above; along-with the data regularly by 10th of the month following the reference month.

2. However, it has been observed that some of the banks did not comply with the above instructions; as a result, we had to call for these forms subsequently. In order to ensure timely reporting of data complete in all respects, banks are advised to ensure the following:

a) Make available data for all branches authorized for dealing in foreign exchange as per list maintained in SBP. The branches that have carried no transactions should be mentioned in the covering letter/email.

b) Data are complete for all transactions carried out by these branches.

c) Where applicable, all of the relevant summery statements are balanced and opening balance of the current month tally with the closing balance of the previous month.

d) Supporting forms for all transactions of one million US dollars (equivalent US dollars in case of other currencies) or more, sorted by type of form (supporting document) clearly readable and with AD identification (AD code) are sent by due date. Supporting forms for transactions of less than one million US dollars or equivalent should not be included with these forms. However, State Bank of Pakistan may call for the additional forms as deemed necessary for verification.

3. In case of default in any of the above points, data would be considered as being not received until that time the deficiency is removed and the concerned bank would be penalized for late submission as per section 83 of BCO. Any misclassification or wrong classifications of the transactions would be dealt separately.

4. In case of any query, please contact the Joint Director, Exchange Accounts Division, Statistics & DWH Department, State Bank of Pakistan, Karachi at 021-2453629, 021-921 8112.