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030419

STATE BANK OF PAKISTAN FOREIGN EXCHANGE DEPARTMENT KARACHI

F.E. Circular No. 8
April 19, 2003

The Head Offices/Principal Offices of  
Authorized Dealers in Foreign Exchange.
Dear Sirs,

MONTHLY FOREIGN EXCHANGE RETURNS – REVISION OF CODE NUMBERS

In the process of adoption of International standards and compilation of balance of payments statistics under the revised system as described in the Fifth Edition of the Manual (BPM5) by the IMF, we are introducing the Harmonized Commodity Description and Coding System (HS codes) to facilitate the classification of the commodities. The exporters, importers and Authorised Dealers in Foreign Exchange are already well conversant with these codes.
The system also requires having the new codes for “Invisibles” which are incorporated in the code lists. Besides, the Department list has been revised/enlarged and new codes have been allotted to various Departments. The country code list has been updated, whereas, the country/currency codes remain unchanged. 
Code Guide on Monthly Foreign Exchange Returns has accordingly been prepared. The main purpose of the Guide is to provide guidelines to the respondents for reporting of the data on foreign exchange transactions according to the new system. It also gives Conceptual Framework, Definitions, and Standard Component Classification in accordance with BPM5. The Guide is a supplement to the Chapter XXII of the Foreign Exchange Manual (Eighth Edition-2002) and is to be used in line with the instructions issued from time to time by the SBP. This Code Guide is also available on SBP Website at www.sbp.org.pk/circular.htm.

Following are the various changes made:

i. Summary Statements S-1 (Appendix V-100) and S-6 (Appendix V-103) have been revised, whose new formats are enclosed, which will replace the existing summary statements S-1 (Appendix V-100) and S-6 (Appendix V-103) of Volume II of FE Manual (8th Edition-2002)

ii. The submission of Summary Statement S-5 (Appendix V-102) has been dispensed with. Accordingly, following may be deleted in Chapter XXII of FE Manual (8th Edition-2002):

1. Under para 5 Quote “"S-5" statement for transactions under Rupee barter (Appendix V- 102).” Unquote.

2. Para 6(iii)

3. 4th row pertaining to ‘S-5’ in the Table under para 10

iii. Existing para 6(iv) may be re-numbered as para 6(iii)

iv. Para 12 may be replaced with:

“Method of Despatch of Statements “S-1”, “S-4” and “S-6” to the State Bank. 
When the statements are being dispatched to the State Bank, they should be put in separate envelopes or packages i.e. the "S-1", "S-4" and "S-6" statements each separately. On the outside of the envelopes or covers preferably on the back on the top left corner, the name of the Authorised Dealer, the last date of the respective period, the type of statement enclosed and the currency should be shown. Example: XYZ Bank, Period ended 31-10-2001 "S-1", U.S. $.
Transactions under barter agreement expressed in foreign currencies will be reported on "S-1" statement. 
The statements "S-1", "S-4" and "S-6" should be made as on the last day of each month. They should reach the State Bank at the latest by the 3rd of the following month to which they relate from the branches and by the 7th from the Head Offices of Authorised Dealers. However, as the various statements are to be sent in separate covers, those statements which are completed earlier may be sent immediately without waiting for others which may still be under preparation.”

v. Code Lists No. 4 & 6 under foreign exchange Code Guide used for coding Exports and Imports (Schedule A1/A2/A3) have been replaced with HS Codes Commodity Classification

vi. Code List No. 5 used for Purpose Codes of Invisible Receipts (Schedule J) has been revised and replaced as per coverage and definitions of BPM5

vii. Code List No. 7 used for Purpose Codes of Invisible Payments (Schedule E3/E4) has been revised and replaced as per coverage and definitions of BPM5

viii. Code List No. 8 meant for Department Codes for Payments (Schedule E2/E3/E4) has been revised

You are, therefore, advised to supply the floppy diskette containing monthly foreign exchange data starting from the month of April, 2003 onwards to the Statistics Department under the revised system by due date as per existing requirements. The revised Software of the System and the Code Guide will be provided by the Statistics Department, State Bank of Pakistan. Hard copies of the foreign exchange returns based on revised system will be sent through SBPBSC Area Offices as per practice in vogue.

In case of any difficulty /query, the matter may please be referred to the Director, Statistics Department, State Bank of Pakistan for clarification at Fax 021-9212569 or e-mail bop.query@sbp.org.pk

Please bring the above to the notice of your all constituents.

Yours faithfully,

(M. R. MEHKARI)
Director

STATEMENT S -I
STATEMENT S -6

STATEMENT S -I
(Foreign Currency)

Statement of transactions for the period ended:__________________________
Authorised Dealer:_______________________________________________
Currency:_________________________________________________
Country:____________________________________________

SALES

STATEMENT S -6
(Foreign Currency Notes)

Statement for the period ended:____________________________________________________
Authorised Dealer:_____________________________________________________________
Currency:____________________________________________________________________
Country:_____________________________________________________________________

SALES

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