SBP circulates Protection of Economic Reforms (Amendment) Ordinance-2018

KARACHI: The State Bank of Pakistan (SBP) on Thursday advised the authorized dealers in foreign exchange to adopt the Protection of Economic Reforms (Amendment) Ordinance- 2018. Hence, section 5 of the Protection of Economic Reforms Act- 1992 has been amended.

Through a circular dated April12, 2018 addressed to Presidents/Chief Executives of all Authorized Dealers in Foreign Exchange, the Central Bank mentioned that para 1(iv), Chapter 6 of Foreign Exchange Manual-2017 had been revised as under:

Now, the foreign currency accounts can be fed by remittances received from abroad, travelers cheques issued outside Pakistan (whether in the name of account holder or in the name of any other person) and foreign exchange generated by encashment of securities issued by the Government of Pakistan.

A foreign currency account of a citizen of Pakistan resident in Pakistan can also be fed with cash foreign currency only if the account holder is a filer as defined in Income Tax Ordinance, 2001.

All other instructions on the subject shall remain unchanged.

State Bank also advised the authorized dealers to bring the above instructions to the notice of all their constituents and ensure meticulous compliance.