SBP circulates Protection of Economic Reforms Ordinance 2018

April 12, 2018

KARACHI: The State Bank of Pakistan (SBP) has 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.

The central bank also advised the authorized dealers to bring the above instructions to the notice of all their constituents and ensure meticulous compliance. – APP


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