Central bank allows free dollar import for two months

shaikh

Minister (2k+ posts)


Dar is challenging private sector to nauseating extent , the 0.3 % tax at every transaction of non income tax filer is a retrogressive move

The trader community is threatening strike and they will do it. Converting National identity card number to tax number is another such move , now this move was needed to stop dollar from rising .

So non performing is governmental sector that if Pakistanis start paying all taxes , all economy will collapse within three years , it is the non tax paper who really maintains this country's employment on going , otherwise with government servants over cash nothing will remain for people

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SBP allows free dollar import for two months


KARACHI: After 10 years, the State Bank has once again allowed the exchange companies to bring in US dollars directly in baggage or in their accounts against the sale of foreign currencies abroad.
“This arrangement shall remain in operation from Aug 3 to Oct 15 unless advised otherwise or until further instructions,” said the State Bank.

Currency dealers said the decision will immediately improve dollar supply in the market, reduce dollar demand, bring down difference in dollar rates in open/inter-bank and will bring stability in the exchange rate.“Exchange companies were banned in April 2005 to bring dollars into the country and were bound to send dollars through TT (telegraphic transfer- through banks),” said Zafar Paracha, Secretary, Exchange Companies Association of Pakistan.

However, the State Bank has made it mandatory to bring dollars only through Jinnah Airport, Karachi.
“Dollar currency notes can be imported only through Jinnah International Airport (JIAP) Karachi. Thus ECs (exchange companies) exporting foreign currencies from Karachi, Lahore or Islamabad airports will bring into Pakistan cash (US dollars) only through JIAP Karachi,” said a State Bank circular issued on Monday.

Earlier, on July 24, the State Bank governor met the currency dealers, along with President, Forex Association of Pakistan, and asked the reasons for sudden rise in dollar prices since the dollar rose to Rs103.40 in the open market.“The State Bank was told that since July 14 and due to Eid, banks did not supply dollars to the exchange companies which created their shortage, thus prices started crawling up,” said Malik Bostan, President, FAP, adding that the State Bank asked banks to immediately supply dollars to the exchange companies.

Bostan said the demand was high because 0.3 million Pakistanis will leave the country within 45 to 50 days for Hajj and they are buying dollars and Saudi Riyals.The State Bank’s circular said the ECs may also continue to export permissible foreign currencies against repatriation of equivalent US dollars in their foreign currency accounts maintained with banks in Pakistan as per existing procedure.

“US dollars must be brought into Pakistan within two working days from the date of export of foreign currencies. The practice of repatriation of USD through credit to bank accounts of EC with banks in Pakistan will remain unchanged,” said the circular.
The exchange company will give prior written intimation to relevant SBP-Customs Joint Booth staff of Karachi, Lahore or Islamabad airports at the time of export of foreign currencies clearly mentioning the amount of cash US dollars to be imported, flight number and time of arrival of flight at Karachi with a copy to Director EPD, SBP and Director FEOD, SBP BSC.

For each export consignment, a Unique Transaction Number (UTN) will be mentioned. The UTN will be combination of alpha initials of name of EC, transaction number and financial year. The UTN for export of currencies will be centrally maintained by EC and issued by its head office for export of foreign currency currently allowed from Karachi, Lahore and Islamabad airports.
The UTN will be the reference number for future reconciliation of export and import transactions of the EC. A specimen of UTN should be used by an EC for the purpose of record keeping and related instructions of this circular.Representatives of ECs will declare the import consignment of cash (US dollars), upon their arrival into Pakistan, to the SBP staff at SBP booth located at International Arrival Lounge of JIAP, Karachi, along with original deal ticket of foreign bank/exchange company clearly showing the amount of cash USD.

Only those incoming flights must be chosen which are scheduled to arrive at JIAP, Karachi, between 10:30am and 06.30pm from Monday to Saturday, said the SBP.

ECs must ensure due diligence and compliance to all relevant Anti-Money Laundering laws in respect of cross-border transfers, which may be enforced from time to time in Pakistan as also in the respective jurisdiction from where US dollars are imported.

Source
 
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GeoG

Chief Minister (5k+ posts)
Re: Ishaq Dar's unpopular economic moves are weighing heavy on private sector

Sheikh Sab,
Article you have attached is for the Shortage of Dollar Availability and
your preface states unpopular economic policies
Are they not adversely co-related

Kia Yeah Khula Tazad Nahi ???
 

shaikh

Minister (2k+ posts)
Re: Ishaq Dar's unpopular economic moves are weighing heavy on private sector

Sheikh Sab,
Article you have attached is for the Shortage of Dollar Availability and
your preface states unpopular economic policies
Are they not adversely co-related

Kia Yeah Khula Tazad Nahi ???


This indicates that rupee is needing strengthening by various means which in turn means stress on economy .
 

GeoG

Chief Minister (5k+ posts)
Re: Ishaq Dar's unpopular economic moves are weighing heavy on private sector

This indicates that rupee is needing strengthening by various means which in turn means stress on economy .

In reality, Govt needs to control the difference between bank rate and open market rate
stress has been created by the exchange companies and Govt need to put their foot down

With oil prices gone down a little further and remittance on up
Govt should use the leverage rather than taking a easy way out ..

But then again they have some funds released after june closing
so may be they wish to bring it down for their personal reasons
a few Billions of ministers waiting to be shipped out so why not at a better rate ...
 

jaanmark

Chief Minister (5k+ posts)
Re: Ishaq Dar's unpopular economic moves are weighing heavy on private sector

Govt needs to control the difference between bank rate and open market rate

NO NO NO only and just hundi rates and daily rates
 

shaikh

Minister (2k+ posts)
Re: Ishaq Dar's unpopular economic moves are weighing heavy on private sector


In reality, Govt needs to control the difference between bank rate and open market rate
stress has been created by the exchange companies and Govt need to put their foot down

With oil prices gone down a little further and remittance on up
Govt should use the leverage rather than taking a easy way out ..

But then again they have some funds released after june closing
so may be they wish to bring it down for their personal reasons
a few Billions of ministers waiting to be shipped out so why not at a better rate ...

Now this is revealing , Dar will not be able to win on 0.3% charge , Pakistanis are already overtaxed
 

GeoG

Chief Minister (5k+ posts)
Issi bahaney nooron k dollar pakistan pohnch ker white ho jaen gae

If this was the intention, then they are real business people
This will bring dollar exchange rate down in Pakistan

But as your objective was malign them, let me not stop you...
 

GeoG

Chief Minister (5k+ posts)
so r they going to use ayan ali to bring back the dollars ?

Actually this sad news for Ayan as she will not be required for any of these operations
it has been made legal temporarily so even Chun Chun alike can earn some money ..
 

aimless

Minister (2k+ posts)

Lolz, really ...
they should give you an economic position
you are a good economist...

They way pakistan economy is going i think a raksha driver can run it way better than ishaq dar ...
it is a way to get more $s back and for sure it should make $ come a bit down too ... but as PML N govt. doing things i always has doubts
they do those things a lot , like removing tax on something for 10 days or doing things for 30-60 days and as in a govt. u already know its going to
happened their party ppl use those things to make more money ... and the best among them is always NS him self
 

GeoG

Chief Minister (5k+ posts)
They way pakistan economy is going i think a raksha driver can run it way better than ishaq dar ...
it is a way to get more $s back and for sure it should make $ come a bit down too ... but as PML N govt. doing things i always has doubts
they do those things a lot , like removing tax on something for 10 days or doing things for 30-60 days and as in a govt. u already know its going to
happened their party ppl use those things to make more money ... and the best among them is always NS him self

Would you mind explaining a little
what was previous policy and what has changed?
Just the policy please no political statements...
 

aimless

Minister (2k+ posts)

Would you mind explaining a little
what was previous policy and what has changed?
Just the policy please no political statements...

I didn't get your Question ur asking about previous SROs which PML N govt is famous for or ur asking me to tell the policy of this 60 day exemption ?
 

Liaqat Hussain

Chief Minister (5k+ posts)
I'm not good with numbers.

Can someone explain, how is it going to effect an average joe like who sends money to Pakistan on a regular basis?

Sheikh Sab,
Article you have attached is for the Shortage of Dollar Availability and
your preface states unpopular economic policies
Are they not adversely co-related

Kia Yeah Khula Tazad Nahi ???

This indicates that rupee is needing strengthening by various means which in turn means stress on economy .

Govt needs to control the difference between bank rate and open market rate

NO NO NO only and just hundi rates and daily rates

what does that mean????

They way pakistan economy is going i think a raksha driver can run it way better than ishaq dar ...
it is a way to get more $s back and for sure it should make $ come a bit down too ... but as PML N govt. doing things i always has doubts
they do those things a lot , like removing tax on something for 10 days or doing things for 30-60 days and as in a govt. u already know its going to
happened their party ppl use those things to make more money ... and the best among them is always NS him self
 
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