Forex remittance on fake papers: SBP to take action against importers/banks

State Bank of Pakistan (SBP) Friday announced that it will take stern action against importers and banks involved in remittance of foreign exchange against duplicate/fraudulent import documents. The SBP has strictly advised commercial banks to take proper evaluation/scrutiny of requests from importers for remittance of foreign exchange against the imports made on open account.
"The SBP will take stern legal action against importers and banks involved in remittance of foreign exchange against duplicate/fraudulent import documents, prepared for imports on open account," the central bank warned. It has been emphasised that the SBP is taking appropriate steps as per relevant law against importers if found in fraudulent activities. Moreover, the banks which fail to properly process these cases will also be penalised for their failure to undertake normal precautions required to be taken as a banking company.
"It is advised in the interest of all stakeholders to refrain from such fraudulent remittances, using the duplicate fraudulent import documents as all such cases will eventually be referred to concerned law enforcement agency," the central bank maintained.