SBP orders banks to provide details on outward remittances
The State Bank of Pakistan (SBP) has ordered all banks to submit detailed
data on outward remittances and foreign exchange transactions by corporations
and individual investors, in a move aimed at tightening regulatory oversight
and boosting financial transparency.
New reporting platform
The central bank has launched the Performance Evaluation System for
Investment Abroad (PESIA), a digital platform integrated with SBP’s Data
Acquisition Portal (DAP). PESIA is designed to monitor Equity Investment
Abroad (EIA) transactions through ten structured reporting files, covering
approvals, remittances, inward flows, entity details, and investee company
performance.
A user manual has been issued to guide banks on data submission, including
procedures for downloading formats and securing mandatory Investee Company
Codes.
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Reporting requirements
·
Monthly:
Files 1–9 must be submitted by the 5th working day of the following month.
·
Annual:
File 10, covering investee company performance, must be filed within three
months of the financial year-end.
For legacy data, SBP has set phased deadlines:
·
Phase I:
Transactions from Feb 10, 2021, to July 31, 2025, due by Nov 28, 2025.
·
Phase II: Pre-Feb
2021 transactions to be emailed by Feb 28, 2026.
Banks must also provide a compliance report, signed by their Group Head
Compliance, by March 5, 2026.
Strict enforcement
The SBP warned that incomplete, delayed, or inaccurate submissions would invite
action under the Foreign Exchange Regulation Act, 1947, and other applicable
laws.
The regulator described the initiative as a key step toward digitizing
financial oversight, ensuring transparent reporting of foreign investments, and
aligning Pakistan’s banking sector with international compliance standards.
Source: pkrevenue.com