ISLAMABAD: Pakistan Customs and State Bank of Pakistan have joined hands to ensure proper monitoring of flow of money into the country and plug the loopholes in the transactions made for trade.
Sources told that both the organizations have taken these steps to align the systems with the new international standards and enhance speed of transactions with minimum human interaction.
Realizing the importance of foolproof trade to facilitate the movement of international cargo through customs, the department has initiated new plans.
The sources added that PCS and SBP have agreed to cooperate with each other in the implementation of electronic E-form and international standards in the launch of new automated manifestation framework for the commercial banks operating in Pakistan.
State Bank of Pakistan will technically assist Pakistan Customs in harmonizing its cargo movement legislation with best international monetary transaction standards by reviewing the draft legislation prepared by Pakistan Customs in this regard.
