SBP has launched 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 system provides an online platform for banks to interact with the SBP/SBP-BSC for the submission of cases and receiving regulatory decisions.
Bringing ease of doing business, a key feature of the system is to keep the business customers updated about the status of their requests routed through banks from the day it is received at SBP. Customers will receive system-generated updates through status reports at their email address provided by the bank from the time of case submission till completion. They will also be able to check 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 been abolished forthwith. Similarly, 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 until further instructions.
SBP RAS is expected to conserve resources and bring efficiency by allowing timely FX-regulatory approvals and replacing the paper-based submissions that are prone to logistic and storage issues and unnecessary delays. SBP RAS is a step towards digitalization intended to leverage technology for improving public service and promoting ease of doing business in the country.
The initiative is a part of SBP’s Vision 2020 under which a Knowledge Management Project was initiated aiming to implement a modern framework for the retention and sharing of information and knowledge.