KARACHI: The Foreign Exchange Policy Department of the State Bank of Pakistan (SBP) has issued “Retention Period of Export Proceeds” for all the exports transactions in future.
According to a notification issued by the SBP, it is permissible for exporters to retain the export proceeds, including ‘advance payments’ in foreign currency with an “authorized dealer” in Pakistan for three working days and to sell the same within this period to any “authorized dealer”.
It further states that the foreign currency so retained shall be kept by the authorized dealers in ‘Special Exporters’ Account’ outside their ‘exposure’ limits.
However, if an exporter does not conclude a transaction with an authorized dealer by end of the third working day, the authorized dealer shall purchase the same at the ‘buying’ rate of average customer exchange rate of that day as available on the SBP website under advice to the concerned exporter.
The “authorized dealers” are advised to ensure strict compliance on the directives issued by the SBP authorities.
The “authorized dealers” are invited to Para 7, Chapter XII of Foreign Exchange Manual-2002 which contains the instructions on the subject.
The authorities concerned of SBP have also forwarded the said notice to the Customs authorities and the Customs Collectorate- Export for further implementation.
