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KARACHI: The State Bank of Pakistan (SBP) is further tightening the data reporting mechanism for Exchange Companies and has made changes in reporting frequency. According to a circular issued to all Exchange Companies and All Exchange Companies of ‘B’ Category, the new mechanism is aimed at monitoring their transactions.

In order to enhance monitoring of data submitted by Exchange Companies and Exchange Companies of ‘B’ category, it has been decided to increase the frequency of transaction data reporting by them, with effect from December 19, 2022. Now, ECs will be required to report Saturday and Sunday on transactions on Monday.

Accordingly, the relevant instructions in the Para of Exchange Companies Manual stand replaced. As per amended Para 4, Chapter 7 of Exchange Companies Manual Exchange Companies shall also submit data according to their scope of business in CSV format at Data Acquisition Portal (DAP).

ECs can sell 20pc inward remittances to customers: SBP

The data will be submitted by Exchange Companies on a daily basis by next working day. For transactions conducted on Saturday & Sunday, ECs will submit data on next working day, ie, Monday. While submitting the data under this reporting system, ECs shall ensure daily matching of opening/closing balances of summary statements of head office and each branch/outlet, it added.

All other instructions on the online data submission will remain unchanged, however, as per the SBP, for any queries related to reporting issues, ECs may approach the SBP.

The SBP has warned that failure to comply with these instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act.

Copyright Business Recorder, 2022

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