Paper-based foreign exchange Not Used After June

All the banks will stop paper-based trade activity after June 2021, Managing Director of State Bank of Pakistan’s Banking Services Corporation Muhammad Ashraf Khan said on Monday.

He said that digitalization of trade, That began in March 2020, has been extended from 8 to 13 banks and most part of the banks will deal with 88% of foreign trade before the end of February 2021 and 98 percent by April while the banks will totally stop using paper-based entries after June 2021.

Mr. Qassim Nawaz MD of state bank of Pakistan

Talking at a gathering during his visit to the Karachi Chamber of Commerce and Industry (KCCI) on Monday, added that the activity to digitalize foreign trade activity was taken to make ease for the business by totally killing the desk work which increase overall speed of digitalization ,and many banks have already implemented.

MD SBP-BSC further expressed that everything has been moved from manual to advanced handling and the clients have the opportunity to get online whenever either from their home or office to apply for delivery of remittances with no desk work while the clients will get updates and complaints (If any) about his exchange on his/her enlisted email address.

He focused on that the business and mechanical community should approach to embrace the advanced mode for foreign trade in which the clients can get enrolled themselves and track progress of the case, while applicable bank staff is additionally suggested about the advancement and the history of the transactions is also maintained in a paperless environment.

VP KCCI Shamsul Islam Khan

in his comments, pointed that the State Bank, in any economy, play the part of a heart in the financial advancement of the nation by guaranteeing smooth flow of assets and it was delighting to see that the State Bank has additionally been mindfully playing its part in an effective way which can be checked from improved monetary markers

the development in remittances being seen these days may not keep going long period, the State Bank needs to make some sort of the policy which supports Non-Resident Pakistanis (NRPs) to put resources into various sector of the economy.

he especially recommended to build up Common Industrial Zone or Common Industrial Park close to Pak-Iran line where every Custom Duty/charges to be kept at least level while this zone should to be completely outfitted with required framework and the gas and power supplies should to be given by Iran which would most likely cut down the expense of working together because of less expensive power and gas would draw in countless industrialists to set up their units and distribution centers in this specific zone.

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