CHAPTERXI
DEALINGSIN FOREIGN CURRENCY NOTES AND COIN ETC
1.AuthorisedDealers and Money Changers.
2.Purchasefrom the Public.
3.Purchasefrom other Authorised Dealers and Money Changers.
4.Non-convertibleCurrency Notes.
5.Authorised Dealers' requirements of ForeignCurrency Notes.
6.Saleto Public.
7.Saleto other Authorised Dealers.
8.Disposalof Surplus Notes.
1.Authorised Dealers and Money Changers.
(i)Authorised Dealers licence to deal in foreign exchangeincludes an authority to deal in foreign currency notes and coinsas well. This chapter sets out the regulations, which govern thepurchase and sale of foreign currency notes and coins.
(ii)Besides Authorised Dealers, the State Bank has grantedAuthorised Money Changers Licences to Pakistan nationals andresident Pakistani firms/companies to purchase and sell foreigncurrency notes and coins. They are required to follow the codeof conduct prescribed for them vide Chapter II.
2.Purchase from the Public.
Allincoming passengers, whether Pakistani or foreign can bring withthem without any limit foreign currency notes, coins and otherinstruments which should be freely purchased by the AuthorisedDealers against payment in Rupees. In all cases Authorised Dealersshould issue a certificate of encashment in the prescribed form(Appendix V-10) and if so desired by the travellers, the purchaseshould be endorsed on the traveller's passport. In cases wherethe foreign currency offered for sale by a traveller had beenoriginally obtained from an Authorised Dealer, the repurchaseshould be endorsed on the traveller's passport in the case ofPakistan nationals only.
3.Purchase from other Authorised Dealers and Money Changers.
AuthorisedDealers may also purchase foreign currency notes, coins and otherinstruments freely from other Authorised Dealers and Money Changers.
4.Non-convertible Currency Notes.
Manycountries have restrictions on import of their own currency notesand do not also allow their repatriation through banking system.Surplus collection of such foreign currency notes can be disposedof in the international centres at market rates. Authorised Dealersshould arrange with their overseas branches or correspondentsto keep them fully informed of such restrictions on import andrepatriation as also about demonetisation, currency re-organizationetc., in foreign countries. Such information may also be passedon by the Authorised Dealers to those Authorised Money Changerswho are their customers. Authorised Dealers should regulate thesale of foreign currency notes etc., to travellers keeping inview the restrictions of the respective countries so that theyare not put to any loss or inconvenience on arrival in the foreigncountry concerned.
5.Authorised Dealers requirements of Foreign Currency Notes.
AuthorisedDealers may replenish their stocks of foreign currency notes formeeting the requirements of their customers either by purchasingthem from other Authorised Dealers or by importing them from theiroverseas branches and correspondents.
6.Sale to Public.
AuthorisedDealers may sell foreign currency notes and coins to persons proceedingabroad within the amount of foreign exchange sanctioned by theState Bank or released by the Authorised Dealers under the authoritydelegated to them in Chapter XVII subject to compliance of theprovision of paragraph 44 of that chapter.
7.Sale to other Authorised Dealers.
AuthorisedDealers may freely sell foreign currency notes and coins to otherAuthorised Dealers.
8.Disposal of Surplus Notes.
WhenAuthorised Dealers are unable to dispose of their holdings offoreign currency notes by sale to the public or other AuthorisedDealers, they may dispatch such surpluses to their agents or correspondentsabroad for crediting their value to their foreign currency accounts.
FAQs
The total assets stood at Rs. 13,603 billion as at June 30, 2021 as compared to Rs. 12,273 billion on June 30, 2020, registering an increase of Rs. 1,330 billion primarily due to increase in securities purchased under agreement to resell.
What is the interest rate in Pakistan in 2024? ›
Latest Updates. The central bank of Pakistan lowered its keep policy rate by 150bps to 20.5% in its June 10th 2024 meeting, the first reduction in borrowing costs since mid-2020, and compared to market forecasts of a smaller 100bps cut.
How to get fresh currency notes from State Bank of Pakistan? ›
State Bank of Pakistan. Fresh notes are supplied to general public through commercial banks. Based on the volume of deposits of the commercial banks, the fresh notes quota is allocated. The cash monitoring teams regularly visit the branches of commercial banks to ensure compliance of instruction.
How can I file a complaint against a bank in Pakistan? ›
First contact the concerned bank/DFI/MFB and try to settle the problem directly. If you are not being heard or your problem/issue remained unresolved, then preferably contact Banking Mohtasib Pakistan (BMP) (www. bankingmohtasib gov.pk) in minimum 45 days.
What to do if the bank is not responding? ›
When can one file a complaint? One can file a complaint before the Banking Ombudsman if a reply is not received from the bank for a period of 30 days or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
Who owns the State Bank of Pakistan? ›
overnance Structure of the State Bank of Pakistan
The Bank is owned by the government to the extent of 99.9 percent of its shares. According to the Act, general superintendence, direction of the affairs, and business of the Bank rest with the Central Board of Directors chaired by the Governor SBP.
How much money is safe in Pakistan bank? ›
Generally, the level of protected deposit coverage is between 1 to 2 times of GDP per capita. In Pakistan, the protected deposit coverage is set at Rs250,000/- per depositor per bank, which translates into 1.39 times of GDP per capital.
Which bank is best in Pakistan? ›
Meezan Bank has been acknowledged as the Best Bank of Pakistan for the third time at the Pakistan Banking Awards - 2023, the most prestigious awards in the country's financial sector.
What is the future prediction of Pakistan in 2025? ›
The overall goal is for Pakistan to become an upper-middle income country by 2025 and to eventually become one of the top ten economies in the world by 2047 (its centennial).
What is the highest interest rate in Pakistan history? ›
Interest Rate in Pakistan averaged 11.55 percent from 1992 until 2024, reaching an all time high of 22.00 percent in June of 2023 and a record low of 5.75 percent in May of 2016. This page provides - Pakistan Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.
In terms of Section 24, State Bank of Pakistan has the sole right to issue banknotes. The State Bank of Pakistan introduced the first emergency issues in the denominations of 5, 10, and 100 rupees, printed by De La Rue & Company Great Britain that circulated between 1948 and 1960.
Can state banks print money? ›
Section 10 denies states the right to coin or to print their own money. The framers clearly intended a national monetary system based on coin and for the power to regulate that system to rest only with the federal government.
Which bank is good for foreign currency account in Pakistan? ›
HBL Foreign Currency SavingsAccount is the ideal choice allowing you to save with ease while offering convenience and reliability for Pakistanis as well as foreign nationals dealing in foreign currencies.
How do I complain to SBI bank? ›
How can I complain to SBI? To complain to SBI, you can call on the bank's toll-free customer care number at 1800-425-3800, 1800-11-22-11, or 080-26599990. You can also complain through an SMS 'UNHAPPY' and send it to 8008-20-20-20.
What is the complaint resolution mechanism? ›
Definition: A complaint mechanism (CM) is a formalized mechanism to give victims and witnesses of misconduct by an organization a chance to report cases, and for organizations to deal with these complaints in a structured manner. Complaints are an expression of dis- satisfaction or discontent about misconduct.
What does CPD stand for in banking? ›
"Continuing professional development (CPD) is the means by which members of professional associations maintain, improve and broaden their knowledge and skills and develop the personal qualities required in their professional lives.” PARN (Professional Associations Research Network).
How do I complain on Easypaisa? ›
If the issue still persists, Telenor users can call 3737 and non-Telenor users can call 042-111-003-737 from their mobile phone.
