SBP Directs Customs to Submit Confiscated Foreign Currency to NBP

The State Bank of Pakistan has directed Pakistan Customs to submit confiscated foreign currencies amount to the National Bank of Pakistan instead of the Central bank.

SBP has written a letter to FBR with regard to the mechanism for the authentication of confiscated foreign currencies.

The document states that the Central bank has communicated to DG Customs Intelligence and Member Customs about the new mechanism devised by the SBP for authenticating confiscated foreign currencies.

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

The new process is aimed at streamlining the handling of these currencies and making the overall operation more efficient.

Subsequently, Customs has directed its field formations to surrender confiscated foreign currencies to the branches of NBP dealing in foreign exchange.