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050401
 

STATE BANK OF PAKISTAN - EXCHANGE POLICY DEPARTMENT

Attention of the Exchange Companies is invited to the existing documentary requirements & procedure relating to export of foreign currencies (other than US Dollars). In order to further strengthen and streamline the procedure through JIAP, Karachi, SBP-Custom’s Joint Booth has been established at the International Lounge, JIAP, Karachi. It has been decided that all Exchange Companies will henceforth adopt the following procedure to be observed at the SBP-Customs Joint booth at the time of export of FCYs other than U.S. Dollars:
1) Each Exchange Company desirous of Export of FCYs (other than US Dollars) will be required to report to the SBP booth at least 4-hours prior to the scheduled departure time of the flight through which export of currency is intended to be made.
2) Representative of the Exchange Company shall approach the booth with the FCYs consignment (other than US Dollars) intended to be exported along-with the following documents:
a) A covering letter in triplicate jointly addressed to Customs and SBP containing particulars of the export transaction as per specimen placed at Annexure-I. One copy each shall be retained by SBP and Customs whereas the third copy shall be retained by the concerned Exchange Company.
b) A Declaration / Certificate containing details of the denomination and amount of FCYs as per specimen placed at Annexure-II.
3) All Exchange Companies shall provide the above information on prescribed form (hard copies). However, they should ensure that a soft copy of each of the above documents for each transaction is maintained at their end.
4) The booth will be operated for 16 hours each day, 7-days a week on a two shifts basis each being for 8 hours. Timing of the shifts would be from 3.00 A.M to 11.00 A.M & from 2.00 P.M to 10.00 P.M. Most of the flight schedule will be covered by these shifts.
5) The foreign currency brought to SBP booth along with the documents as indicated above shall be opened and counted in the presence of Exchange Company’s representative and Customs Official and verified by SBP officials as to details from the accompanying documents filed by the Exchange Companies as in (2) above.
6) Custom’s Officer during or after the process may at his discretion verify the actual count made by SBP / BSC Officers against declared FCY as per Annexure –II.
7) Once the FCY is counted and verified on the declaration given at Annexure –II, same shall be packed by SBP / BSC staff using the vacuum packing machine. It may be noted that the vacuumed packed bundles cannot be tempered with. Any attempt to temper the wrapping would result in dissipation of the vacuum and bundle automatically becoming loose. Further, the date & SBP codes would automatically be embossed on plastic wrapping of each bundle during packing.
8) Packed bundles of currency shall thereafter be combined manually in the form of a bigger bundle of suitable size of say 2 x 2 x 2 ft in a plastic wrap, which will be sealed from all sides. Each seal will be signed and stamped by the two SBP / BSC officers and Customs Official present at the booth.
9) Concurrently all three officers as above shall also sign and stamp the Exchange Company’s declaration (Annexure-I). The consignment duly packed, sealed and signed shall be handed over to the representative of the Exchange Company. Thereafter, the consignment shall be treated as cleared for export for the purposes of SBP & Customs.
10) It will be the Custom’s progrative to check or verify the FCYs being carried by the representative of the Exchange Company at any stage after clearance of the FCY consignment.
11) The above procedure will be applicable to all transactions of Export of FCYs taking place on or after April 04, 2005.

Annexur I
Annexur II


Yours faithfully
S/d..
(Syed Samar Hasnain)
Joint Director




 

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