The State Bank of Pakistan (SBP) has permitted exchange businesses to import cash US Dollars on a need-to-know basis, up to the value of their export consignments of legal foreign currencies, within five working days, via reputable cargo/security companies.
According to the SBP circular, this arrangement will initially remain in force until December 31, 2023, and will be subject to the condition that total cash US Dollars imported by an exchange business during this period do not exceed 50% of the value of its export consignments.
Such agreements must be included in the exchange businesses’ transactions with the foreign entity. The system-generated transaction ticket must additionally include information about the amount of cash US Dollars to be imported as part of the overall export consignment.
When importing US dollars through cargo/security companies, exchange companies must notify the Director, Foreign Exchange Operations Department (FEOD), SBP Banking Services Corporation (SBP-BSC), Karachi, and copy the same to the SBP-BSC staff at the SBP-Customs Joint Booth at the designated airports.
They will also present an authentic transaction ticket from a foreign bank/exchange business indicating the amount of cash US Dollars imported, which will be signed and stamped by SBP-BSC personnel at the booth following verification.
Foreign government customs and/or other export paperwork must be submitted in original at the SBP-Customs Joint Booth and stamped by SBP-BSC personnel. The exchange business must have a copy of these signed and stamped documents on file for on-site examination by the State Bank’s inspection team.