SBP discontinues requirement of monthly foreign exchange returns

KARACHI: State Bank of Pakistan (SBP) has discontinued the requirement of monthly foreign exchange returns for banks. However, the financial institution shall submit hard copies of Export Forms and details of advance export payment manually.
In a circular issued on Tuesday, the central bank informed the banks that various instructions contained in Chapter 22 and other chapters of the Foreign Exchange Manual- 2017 in terms of which they are required to submit monthly foreign exchange returns to Statistics and Data Warehouse Department (S&DWD), SBP, Karachi and SBP – Banking Services Corporation (SBP- BSC) as per the guidelines mentioned therein.
In this regard, it has been decided to dispense with the requirement for submission of hard copies of Summary Statements, Schedules, Electronic Import Forms, Electronic Forms E, M Forms, R Forms and Inward Remittance Vouchers (IRVs) through monthly returns to the area offices of SBP-BSC from the month of August, 2017 onwards.
However, banks shall continue to submit the following returns to SBP/SBP-BSC as per the prevailing practice/instructions:
i. Monthly foreign exchange data through International Transactions Reporting System (ITRS).
ii. Hard copies of manual E Forms, export advance payment vouchers and statements/returns reported through Appendices-V, other than those referred to above, along with supporting documents.
iii. Hard copies of quarterly, half yearly and annual foreign exchange returns.
Further, banks shall maintain complete record/documents of monthly foreign exchange returns as per existing procedure and shall present the same to SBP/SBP-BSC for onsite inspection and offsite monitoring, as and when required.
The banks shall also ensure that foreign exchange data reported in ITRS is accurate, complete and as per the prescribed format. Misreporting, non-reporting or non-compliance of any rule/regulation/instruction on the part of Authorized Dealers shall attract regulatory action under the related provisions of the Foreign Exchange Regulation Act, 1947.

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