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031024
STATE BANK OF PAKISTAN - FOREIGN EXCHANGE DEPARTMENT
Circular Letter No. 18/EPP. 16(168)Rtn-2003
October 24, 2003
The Head/Principal Offices of Authorised Dealers in Foreign Exchange
Dear Sir,
REPORTING OF TRANSACTIONS IN MONTHLY EXCHANGE RETURNS
It has been observed that various banks have centralized their
outward remittances in the main branch/ a single branch at Karachi and these
transactions are being reported by these remitting branches in their monthly
foreign exchange returns instead of the designated branch i.e. the branch to
whom approval for remittance has been granted by State Bank of Pakistan or SBP
Banking Services Corporation (Bank). This practice is creating serious problem
in compiling statistics of outward remittances.
Banks are advised that there is no restriction on effecting all outward
remittances from treasury or any centralized branch. It should, however, be
ensured that the transactions are reported to the concerned area office of
SBPBSC (Bank), by the designated branch i.e. the branch to whom the approval for
remittance has been granted by State Bank of Pakistan or SBPBSC (Bank).
Yours faithfully,
(ZAHID RAFIQUE)
Joint Director
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