KARACHI – The State Bank of Pakistan (SBP) has put a cap on limit of foreign currency an individual can buy per day or per annum in the country.
In a circular, the central bank said it has undertaken a comprehensive review of the existing regulatory instructions. It added that a consolidated and updated “Regulatory Framework for Exchange Companies (RFEC)” has been developed.
Under the framework, the exchange companies can sell $10,000 or equivalent in other foreign currencies to a person per day
“Maximum limit per person per calendar year (in the form of cash or outward remittance) from all Companies, is USD 100,000 or equivalent in other foreign currencies,” read the circular.
While selling the foreign currency to the individuals the exchange company will also adhere to purpose specific limits under the applicable regulations.
“In order to ensure compliance of limits mentioned under serial no (i & ii), the Company will obtain an undertaking from the customer, at the time of each transaction, that the customer has not already reached the daily and yearly limits and these limits will not be breached after the current transaction. The Company will ensure, through placement of appropriate checks in their information systems, that the above limits are not breached at their Company’s level.”
For all transactions, the Company will retain copy of identification document (in physicalor digital form) i.e. Computerized National Identity Card (CNIC), National Identity Card for Overseas Pakistanis (NICOP), Pakistan Origin Card (POC), Passport (having valid visa on it or any other proof of legal stay of a foreigner in Pakistan) as the case may be; after having seen the original document.
For all transactions equivalent to USD 500 or above, the Company will carry out biometric verification of Pakistani Nationals and maintain the record thereof.
“The company shall obtain original online Verisys slip issued by NADRA, in case biometrics of any individual cannot be verified from NADRA due to:
i) Customer’s permanent physical disability, e.g. limbs disability, uneven texture/ erased/ unclear fingerprints, etc.
ii) Customer’s temporary issue e.g. wounded/ bandaged hands/ mehndi, etc.
iii) NADRA system/data/connectivity or technical issue beyond a reasonable time.”
For all transactions equivalent to USD 1,000 or above, the Company will record the purpose of the transaction and obtain supporting documents. The company shall also record the source of funds.
For all transactions equivalent to USD 2,000 or above, the Company will receive contra credit in PKR through bank transfer or cheque from the personal account of the customer.
The transaction or instrument reference number and the name of the bank transferring funds or issuing the instrument will be mentioned on the transaction receipt along with identification document number of the customer.
