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KARACHI: The State Bank of Pakistan (SBP) has clarified that there is no ban on transit trade transactions through any country.
“In order to promote regional trade, it is clarified that there is no prohibition by the State Bank of Pakistan on transit trade transactions through any country including under the Transports Internationaux Routiers (TIR) Convention; provided no sanctioned item, person or entity is involved,” the SBP said in a circular issued on Wednesday to Presidents and Chief Executives of all Authorized Dealers in Foreign Exchange.
Moreover, the State Bank has updated formats for aggregating orders for conventional and Islamic Naya Pakistan certificates through another circular (INPCs)
The forms for combining orders for NPCs and INPCs received from holders of Foreign Currency Value Accounts (FCVA) or Non-Resident Rupee Value Accounts (NRVA) have changed, the SBP reports, and the agent banks are hereby advised.
The modifications will take effect right away. The remaining SOPs outlined in the aforementioned circulars will not alter.
