Pakistan central bank has implemented a Regulatory Approval System (RAS) for submission of cases related to foreign exchange policy and operations dealt by its Exchange Policy Department (EPD), SBP and Foreign Exchange Operations Department (FEOD), SBP‐BSC respectively.
The State Bank of Pakistan (SBP) RAS, has become operational from March 24th, 2020, provides an online platform to banks to interact with the SBP/SBP‐BSC for submission of cases and receiving regulatory decisions.
The RAS aims to keep the business customers updated about the status of their requests routed through banks from the day it is received at SBP.
As per SBP, customers will receive system‐generated update status reports, at their email address provided by the bank, from the time of case submission till completion.
Customers will also be able to check out the updated status of their cases on SBP’s website anytime.
Using SBP RAS, banks will electronically submit foreign exchange operations related cases to the Foreign Exchange Operations Department (FEOD).
The paper-based submission of cases by Authorized Dealers to FEOD has therefore been abolished.
SBP further said that the foreign exchange policy related cases pertaining to the Exchange Policy Department (EPD) will also be submitted electronically through SBP RAS.
However, for EPD, in addition to electronic submission, manual submission of cases through surface mail will continue, for the time being, till further instructions.