KARACHI: The State Bank of Pakistan (SBP) on Tuesday directed all banks to discontinue paper-based submission of foreign exchange related cases latest by June 30.

“In view of SBP’s priority for end-to-end digitalisation of foreign exchange related case submission, banks have been advised to complete development of portals, on-boarding and educating their customers for the same,” said a circular.

The SBP is envisaging that paper-based submission of foreign exchange related cases authorised dealers [banks] by their customers would be discontinued.

“All banks are advised to complete development of portals, onboard and educate their customers and take all necessary measures, with immediate effect, to discontinue paper-based submission of FX related cases to them by their clients latest by June 30, 2021,” said the circular.

In order to address legal, technology and other risks arising due to use of digital medium, banks must make comprehensive mitigation arrangements and institute effective contingency plans to ensure operational continuity in case of any disruption in their portals’ service, it added.

“Around 21 banks have already developed their portals and started on-boarding their customers besides receiving cases digitally,” said the SBP.

Published in Dawn, March 17th, 2021