SBP issues instructions on foreign exchange for medical treatment, education abroad

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KARACHI: State Bank of Pakistan (SBP) on Friday issued instructions to banks related to issuance of foreign exchange for medical treatment and studies abroad.

The SBP through a circular issued these instructions stating that in order to facilitate and guide their individual customers desirous of availing above services, the banks should ensure the following:
i. Information regarding provision of FX services for medical treatment/ studies abroad should be displayed at prominent place at each authorized branch of the bank.
ii. Adequate stock of major foreign currencies should be maintained at all authorized branches to meet cash related requirements for such facilities.
iii. Brochures containing information regarding services related to medical treatment/studies abroad may be made available at all branches.
However, such information must be placed at official websites of the banks along with list of branches providing such services.
Further, such list should also be available at all branches of the AD for guidance of customers.
iv. The officials dealing with such services should be trained/ made acquainted with the existing foreign exchange rules and regulations governing individual foreign exchange needs.
Failure to comply with the above instructions shall attract regulatory action against the concerned AD under relevant provisions of the Foreign Exchange Regulation Act, 1947.

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