SBP bolsters cross-border foreign currency payment tracking
The State Bank of Pakistan (SBP) has announced a bolstering
of its cross-border foreign currency payment tracking capabilities through the
Regulatory Approval System (RAS), as stated in a circular released on Monday.
To facilitate more effective tracking of such transactions,
banks will now utilize SBP's Regulatory Approval System (RAS) for submission,
following the outlined procedure provided by the regulator.
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Previously, banks were submitting necessary documentation
for various FCY transactions related to the SBP Treasury Department via the
Data Access Portal (DAP), including ACU Dollars payment/receipt cases, CRR
& SCRR deposits & withdrawal cases/instruction letters, and Local US
Dollar Instrument Collection & Settlement Account Deposit & withdrawals
cases.
Moving forward, these cases will be submitted through RAS.
Banks are required to complete onboarding on RAS by May 31, 2024. A
co-existence period for both DAP and RAS platforms for all cases will run from
June 3 to June 30, 2024. During this period, banks must submit cases on both
platforms, according to SBP.
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Effective July 1, 2024, banks are instructed to exclusively
submit these cases through RAS; submissions via DAP will no longer be accepted
after this date.
Banks are urged to ensure strict compliance with these
instructions. All other directives on the matter will remain unchanged, the
regulator affirmed.
Source: Pro Pakistani