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Regulations for Forex Transaction Through Exchange Companies

Lahore: The State Bank of Pakistan (SBP) has modified the rules governing the selling of foreign currency to individuals through exchange offices in order to promote documentation and transparency and further strengthen the FX control system.

According to a statement issued by the central bank on Sunday, the action, which is a continuation of past measures taken by SBP, will principally permit foreign exchange companies to speculate on the purchase and sale of foreign currencies without harming market capacity. The objective is to cease. The satisfaction of actual requirements benefits the whole public.

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Due to these modifications, currency exchanges will no longer purchase more than US$10,000 per day and US$100,000 per calendar year (or the equivalent in other currencies) in cash or foreign form from the exchange. These restrictions were imposed with the individual’s own foreign exchange requirements in mind, according to the statement.

In addition, people will continue to have the option of reimbursing abroad education and medical expenses up to $ 70,000 per calendar year and $ 50,000 per invoice, in accordance with current law.

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For remittances exceeding these restrictions or for any other reason, individuals may contact the SBP-Forex BSC’s Department through a bank. There are no changes to the regulations governing foreign currency accounts held by individuals.

In exchange for selling foreign currency in excess of $1,000 (or its equivalent in other currencies), the exchange company must receive a document attesting to the transaction’s purpose. Moreover, the stock exchange is prohibited from trading against the power of attorney system. In addition, the rule highlighted that the EU should only conduct business with its authorised merchants and should not offer delivery services to its clients.

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