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SBP Directs Customs to Submit Confiscated Foreign Currency to NBP

Pakistan Customs has been directed by the State Bank of Pakistan to submit confiscated foreign currency amounts to the National Bank of Pakistan rather than the Central Bank.

SBP has written to FBR regarding the mechanism for authenticating confiscated foreign currency.According to the document, the Central Bank informed DG Customs Intelligence and Member Customs about the SBP’s new mechanism for authenticating confiscated foreign currency.

Foreign currencies confiscated by law enforcement agencies or other government departments should be surrendered directly to National Bank of Pakistan branches dealing in foreign exchange for realization/authentication and credit to appropriate accounts, according to new mechanisms.

The new procedure aims to improve the overall efficiency of the operation by streamlining the handling of these currencies.

Customs has since directed its field formations to turn over confiscated foreign currency to NBP branches dealing in foreign exchange.

 

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