State Bank of Pakistan in a clarification stated that new Foreign Currency Account Rules 2020 rules would not affect general or special permissions granted by the central bank.

“There is no change in the general or special permissions given by SBP to individuals under the foreign exchange regulations,” SBP stated in a twit.

“According to paragraph iv, Chapter 6 of the FE Manual, FCAs can be fed by remittances, travelers’ cheques and encashment of securities issued by GoP. It can also be fed with cash if the resident Pakistani account holder is a filer as defined in Income Tax Ordinance, 2001.”

“Foreign Currency Accounts Rules, 2020 provide regulatory framework for the operation of individual FCAs to strengthen foreign exchange regime making it more market-oriented. SBP will continue facilitating greater use of banking channels for individuals to meet forex needs.”

The author is a senior journalist and member of The Correspondent.pk team.

The author is a senior journalist and member of The Correspondent.pk team.

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