SBP amends import-related forex rules

KARACHI: The State Bank of Pakistan (SBP) on Monday announced revisions in foreign exchange (forex) regulations governing imports of goods into the country.

“The key changes include amendment in existing regulations to facilitate import transactions through the forthcoming Pakistan Single Window facilities, thereby eliminating the requirement of Electronic Import Form (EIF),” the central bank said in a statement. “Besides, the banks have been delegated more powers to approve the import transactions which earlier required regulation.”

It added that considering the market dynamics and keeping pace with changing business environment, SBP was in the process of revising the foreign exchange regulations, in consultation with relevant stakeholders in a phased manner.

“The primary objective of these revisions is to promote ease of doing business by simplifying the existing instructions, removing the redundancies and delegating more powers to the Authorized Dealers for facilitation of the stakeholders.”

However, it said once the Pakistan Single Window (PSW) became operational, the requirement for EIF would be eliminated. “The system shall help reduce the time and cost of doing business by making trade related business processes more efficient, transparent and consistent,” the central bank said.