The State Bank of Pakistan (SBP) has decided to “initiate necessary action” in all export cases where full export proceeds are not realized within the prescribed time period.
In a circular issued by the central bank to inform presidents and chief executives of Authorized Dealers (ADs) in foreign exchange, the SBP said this was being done in order to ensure the timely realization of export proceeds as defined in Para 6 of Chapter 12 of the FE Manual.
Accordingly, a new para 33A has been inserted after Para 33, Chapter 12 of the FE Manual, as under:
“33A Delayed Realization of Export Proceeds
The circular added that Authorized Dealers are advised to bring the above instructions to the knowledge of all their constituents and ensure meticulous compliance with the above instructions.
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