KARACHI: In order to enhance transparency in the foreign currency transactions by exchange companies and to curb undesirable outflow of cash foreign currency, the State Bank of Pakistan (SBP) has introduced regulatory measures.
According to guidelines shared by the SBP, persons travelling to Afghanistan will be allowed to carry only US$1,000 per person per visit with a maximum annual limit of US$6,000.
Exchange companies will be required to conduct biometric verification for all foreign currency sale transactions equivalent to US$500 and above and outward remittances and it would be applicable with effect from October 22.
The SBP further directed that exchange companies will sell the cash foreign currency and make outward remittances, equivalent to US$10,000 and above, against receipt of funds through cheque or banking channels only.
The central bank said that the regulatory measures would help to improve documentation of the sale of foreign currency by exchange companies and place a check on undesirable outflow of foreign currency.
Earlier in the day, FIA has apprehended the head of a money exchange company, Zafar Paracha to probe regarding a sudden surge in the rate of dollar in the country against rupee.
Read More: US DOLLAR ENDS UNCHANGED AT RS170.80 AGAINST RUPEE
According to FIA officials, a team of the agency’s State Bank Circle conducted a raid at the headquarters of a money exchange company at Shahra-e-Faisal and arrested Zafar Paracha.
He was shifted to the agency’s office for further investigation as officials also seized records of the money exchange company during the raid in order to probe their role regarding a surge in dollar rate.
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