How to Export US Dollars on Consignment Basis – SBP Directs
How to Export US Dollars on Consignment Basis – SBP Directs. On Tuesday, the State Bank of Pakistan (SBP) directed Foreign exchange companies to take prior approval before exporting US dollars (USD) on a consignment basis.
Last month, the SBP allowed exchange companies to export USD current notes on a consignment basis through cargo or security companies to divert the flow of foreign exchange mobilized by them towards the interbank market.
However, now the central bank has directed Foreign Exchange Companies in Pakistan to take prior approval from the State Bank of Pakistan for exporting USD current notes, effective from September 7.
In its notification, the SBP further advised Foreign Exchange Companies to ensure “meticulous compliance with these instructions.” State Bank further warned that any violation of these directions may initiate enforcement action under the relevant provisions of the Foreign Exchange Regulations Act, 1947.