Banks told no more paper-based FX cases after June 30

Published
3
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. ─ Wikimedia Commons/File
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. ─ Wikimedia Commons/File

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

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Debt that stays
30 Jul, 2026

Debt that stays

THE power sector’s circular debt grew by Rs61bn in the last fiscal year, taking the total to roughly Rs1.67tr from...
HIV warning
30 Jul, 2026

HIV warning

THE HIV infections detected around two SESSI-run hospitals in Karachi demand far more than another hurried committee...
End trafficking
30 Jul, 2026

End trafficking

MODERN slavery, in the form of human trafficking, is among the state’s gravest failures. Scores of Pakistanis are...
AJK elections
29 Jul, 2026

AJK elections

CONSIDERING the political unrest that has rocked Azad Jammu and Kashmir in the recent past, free and fair general...
Still vulnerable
29 Jul, 2026

Still vulnerable

THE State Bank’s decision to hold the policy rate at 11.5pc is a prudent response to the heightened risks the...
Guarding the past
29 Jul, 2026

Guarding the past

THE return of 513 smuggled archaeological artefacts from the US is a welcome homecoming for objects that should ...