The State Bank of Pakistan (SBP) has introduced new reporting procedures for foreign currency account (FCAs) and loan to textile sector. The State bank on Thursday issued two different circulars. In a circular EPD No 03/EPP 16 (326) FCA-2011, the SBP has invited attention of Authorised Dealers towards Circular Letter No 16/FEP.16 (326)-2000 in terms of which banks are required to submit the above statement to SBP''s Statistics & Data Warehouse Department.
Now in order to facilitate the banks and with a view to reducing reporting burden, the SBP has made some changes in the reporting format and some variables of the existing format of Statement-I have been deleted, it said. Further, henceforth the requirement of submission of Statement-II showing Maturity Distribution of Time Deposits under Foreign Currency Accounts Scheme has been dispensed with, the circular said.
The authorised dealers have been advised by the SBP to submit the position of Old Foreign Currency Accounts on the revised format to Statistics & DWH Department, State Bank of Pakistan, Karachi by 7th of the following month on a regular basis with effect from June 2011 onwards. In another circular, the SBP has directed banks and DFIs to report loan to textile sector on half yearly basis under new data acquisition system.
In terms of letter No DS.BS.1 (3)/2008-347 of SBP, all scheduled banks and DFIs are required to submit half-yearly statement of loan to textile sector (LTTS) on a regular basis to Statistics & DWH Department of State Bank of Pakistan through email/ordinary mail by January 31st and July 31st. According to SBP circular the State Bank has introduced new data acquisition system for loan to textile sector''s data through Data Warehouse (DAP-4).
For efficient and correct reporting, the SBP has decided to switch completely to the new system (DAP-4) with effect from June 2011 and discontinue the data reporting through email/ordinary mail with immediate effect. All banks/DFIs are now required to submit the half-yearly basis error-free data of loan to textile sector on DAP-4 in future as per timelines, which will be after one months of completion of six months ie January 31st & July 31st.
Sources in banking sector said that loans obtained by textile sector are gradually increasing and currently stand at some Rs 563 billion as on April 2011. Out of total loan to the textile sector, spinning, weaving and finishing of textile is the main beneficiary of these disbursements.