Attention of Authorized Dealers (ADs) is invited to EPD.FE Circular No. 01 dated April 10, 2008 and DS.ITS/GEN/2020-009454/20 dated August 24, 2020 through which ADs are required to report the International Transactions Reporting System (ITRS) data to State Bank of Pakistan. Following the recent developments on the financial landscape of the country like 'permission to exchange companies to purchase foreign currency cash from banks operating in Pakistan', introduction of 'Roshan Digital Accounts' etc., it has become imperative to update the data collection software pertaining to ITRS. Changes in the ITRS software are as follows:

1. Addition of Scheme column to segregate data under various schemes, circulars and guidelines

   A new field with the name “Scheme” has been added in ITRS client for schedules A1/O1, A2/O2, E2/P2, E3/P3, E4/P4 and J/O-3. The description of fields and applicable schedules are outlined in Annexure - I.

2. Addition in schedule W to record sale of foreign currency cash to Exchange Companies

   According to EPD Circular Letter No. 06 of 2020, the exchange companies operating in Pakistan are allowed to purchase foreign currency cash from banks operating in Pakistan. Therefore, the necessary changes are made in the ITRS software to capture such transactions. The existing schedule “W” in S-6 summary statement has been renamed as “W(Pur/Rec)” and fixed against purpose code 6018. A new Schedule in S-6 summary statement has been added with name “W(Sal/Pay)” and fixed against purpose code 2018. The description of 2018 is mentioned below.

2018	Sale of foreign currencies to Exchange Companies in Pakistan

3. The detailed mechanism of reporting Non-Resident Rupee Value Accounts and Foreign Currency Value Accounts (NRVA & FCVA) through ITRS has been devised. The details of reporting NRVA and FCVA are attached as Annexure-II.
   
   
4. The title of the summary statement S-4 has been renamed and the domain has been enhanced. Henceforth, S-4 will cover all transactions related to non-resident rupee accounts.

Previous Name of S-4	New Name of S-4
Rupee Account of Non-resident Bank Branches and Correspondents	Non-Resident Rupee Accounts of Authorized Dealers’ Overseas Branches, Foreign Correspondents, Non-Resident Exchange Companies And other Nonresidents

5. Changes in NTN field

   The characteristics of NTN field have been changed. The ADs can now enter NTN in alpha numeric format where required.

6. Changes in format of Form Number

   EFE and EIF are not required for export/import of goods effected under Pakistan Single Window (PSW). Therefore, for all PSW export transactions, ADs are now required to report PSW generated Financial Instrument No. in case of advance payments and GD number in case of transactions other than advance payment. For all import transactions, ADs are required to report Financial Instrument No. Reporting instructions for transactions conducted under WeBOC and One-Custom will remain unchanged.

   Reporting of PSW Transactions in ITRS

• For Export Advance Payment:
  Financial Instrument No.: Bank Prefix - EXP - 6-digit Serial No. - DDMMYYYY
  
  
• For Export other than Advance Payment:
  GD No.: 4-letter Alpha - 2-letter Alpha - Variable 1 to 6-digit Serial No. - DD-MM-YYYY
  Examples:
  KPPE-SB-123456-31-12-2021
  KPPE-SB-123-31-12-2021
  
  
• For all Import Payments:
  Financial Instrument No.: Bank Prefix - IMP - 6-digit Serial No. - DDMMYYYY

Detailed reporting instructions for PSW transactions are provided in Annexure - III.

7. Addition of new field in A1/O1, A2/O2, A3/O3 and E2/P2 to segregate country of origin/destination of goods from country of receipts/payments
   

   An additional field “country of receipts/payments’ has been added in schedules A1/O1, A2/O2, A3/O3 and E2/P2 for reporting country of “export receipts/import payments” whereas existing field “remitter country /country” has been renamed as “destination country/ country of origin” for exports and imports respectively.

8. Reporting of Transfers by intermediary bank in NRVA to beneficiary bank

   It is common practice that the intermediary banks receive remittances on account of transfers to beneficiary banks’ individual (residents/nonresidents) LCY accounts including NRVA. In case of remittances received through an intermediary bank in Pakistan, the intermediary bank transfers the remittance along with complete details of underlying transactions to the beneficiary bank. In case of NRVA, the beneficiary bank will identify the number of transactions received from intermediary bank for credit to NRVA and share the details with intermediary bank latest by 2nd working day of each month. The intermediary bank will not report the said transactions as workers’ remittances (purpose 9471) while reporting ITRS data except transfers in local currency accounts of residents. In order to adopt consistent reporting procedure, the intermediary and beneficiary banks are advised to adjust the transfers in NRVA accounts in schedules O & P of summary statement S4. The beneficiary bank will thus report subsequent inward/outward transactions from NRVA in ITRS against the relevant purpose codes as described in Annexure II.

9. Addition of Purpose Codes
   

   In addition to the existing purpose codes, new codes have been introduced to cover the complete transactions related to NRVA/FCVA accounts in ITRS. The newly added codes are as under:

   Purpose code	Description
   1520	Maturity Proceeds/ disinvestment received from the investment in Naya Pakistan certificate (NPC)
   1480	Maturity Proceeds/ disinvestment received from the investment in real estate
   9520	Investment in Naya Pakistan certificate (NPC)
   9480	Investment in real estate
   9640	Principal repayments on account of loans to Non Residents (Including Roshan Apni Car, Ghar etc.)
   9655	Down payments by non-residents (including Roshan Apni Car/Apna Ghar etc.)

   
   
10. Addition of Sales Term in Schedule A-1/O-1
    

    Field ‘Sales Term’ has been included in Schedule A-1/O-1, which requires mandatory reporting of Sales Terms in export transactions. List of applicable Sales Terms in A-1/O-1 is given below:

    Code	Sales Term
    50	LC - DA - Post shipment
    60	LC - DP - Post shipment
    70	Open Account - DA - Post shipment
    80	Contract - DA - Post shipment
    90	Contract - DP - Post shipment

    
    
11. Addition of Fields in Schedule E-4/P-4

    The following additional fields have been added to Schedule E-4/P-4, which will help in capturing the detailed information regarding approval and beneficiary.

    S No.	Field
    1	Reference of SBP Approval Letter
    2	Approval of Remittance
    3	Relevant Para of FEM if delegated to AD
    4	Beneficiary Name
    5	Relationship with Beneficiary

    
    
12. Addition of Schedule A-5

    A new Schedule A-5 has been introduced for yearly reporting of shipments against which post-facto Export Finance Scheme (EFS) will be claimed by exporters in the next fiscal year. However, no reporting is required on this schedule until separate issuance of detailed instructions for reporting of post-facto entries.
    
    The Authorized Dealers are required to report the ITRS data according to above guidelines for the month of January 2022 and onward. Other instructions shall remain unchanged. In case of any query, please do not hesitate to write to us at [email protected]

Reporting institutions shall develop a mechanism/layer to check and verify the data, before submitting to SDWD, and ensure that ALL data are prepared according to the relevant guidelines.