The State Bank of Pakistan revised on Wednesday the timings for export of permissible foreign currencies to 15 hours from 8 hours with effect from September 19, 2011. A week earlier, it was announced by SBP that timings for currency export had been reduced to 8 hours from 16 hours and Friday would be observed as a holiday.
However, the Exchange Companies Association of Pakistan (ECAP) expressing reservations over the new timings had approached the central bank for reversal of its decision. The State Bank on the request of ECAP has again enhanced the timings for the export of permissible foreign currencies. According to SBP announcement it has been decided to amend the instructions circulated vide EPD Circular Letter No 5 and as per the revised timings of SBP-Customs Joint Booth at Jinnah International Airport (JIAP) Karachi, the booth will operate from Monday to Saturday for 15 hours daily from 7.30 am to 10.30 pm and will remain closed on Sunday.
Further, the timings of SBP-Customs Joint Booth at Allama Iqbal International Airport (AIIAP) Lahore will remain the same ie from 6.00 am to 2.00 pm. However, the booth will operate from Monday to Saturday and will remain closed on Sunday. The above instructions will be effective from September 19, 2011. While, all other instructions in the matter will remain unchanged.
Meanwhile, Chairman ECAP Malik Boostan has welcomed the SBP's decision saying that it would help arrest the depreciation of Pak rupee against dollar. It may be mentioned here that in order to further strengthen and streamline the currencies' export procedure, the SBP and Pakistan Customs have jointly set-up two booths at JIAP and AIIAP Lahore and all Exchange Companies (ECs), desirous of export of currencies (other than US Dollars) are required to report to the booths at least four hours prior to the scheduled departure time of the flight through which export of currency is intended to be made. The booths were set-up in April 2005 and timings of these booths were fixed following the flight scheduled to cover the maximum flights.
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