KARACHI, Oct 06 (APP):For enhancing transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of cash foreign currency, State Bank of Pakistan (SBP) has introduced regulatory measures.
According to the SBP on Wednesday, persons travelling to Afghanistan will be allowed to carry only $1,000 per person per visit with a maximum annual limit of $6,000-
Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to $500 and above and outward remittances. This requirement will be applicable with effect from October 20.
Exchange companies will sell the cash foreign currency and make outward remittances, equivalent to $10,000 and above, against receipt of funds through cheque or banking channels only.
These regulatory measures will help improve documentation of sale of foreign currency by exchange companies and place a check on undesirable outflow of foreign currency. For details: https://www.sbp.org.pk/epd/2021/FECL16.htm
Follow the PNI Facebook page for the latest news and updates.
