Transactions over ڈالر 10,000 a day are banned

Photo: AFP

State Bank of Pakistan tightens dollar procurement rules

The State Bank of Pakistan has amended the rules governing the sale of foreign exchange to individuals by exchange companies in order to increase documentation and transparency and to further improve the foreign exchange system.

The move is a continuation of other initiatives taken by the SBP and aims to discourage speculative buying and selling by exchange companies without affecting the market’s ability to meet the real needs of the people.

As a result of these amendments, exchange companies will ensure that no one makes purchases of more than ہزار 10,000 in daily cash or external remittances and more than لاکھ 100,000 in a calendar year. Determined to suit the individual’s personal needs.

In addition, individuals will continue to receive overseas remittances of 70 70,000 and 50 50,000 per invoice for education and medical expenses from banks under the current rules in a calendar year.

Individuals may contact the Foreign Exchange Operations Department of the SBP Banking Services Corporation through their bank for remittances beyond these limits or for other purposes.

In addition, exchange companies will receive supporting documents stating the purpose of the transaction for more than one thousand dollars in foreign currency. In addition, the company will not be allowed to transact without a letter from the authorities.

The SBP statement further said, “Companies can only conduct transaction services through outlets. In addition, they will not be allowed to send money to customers’ homes.”

No changes have been made to the rules regarding consumer’s foreign currency accounts.

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