Islamabad: The State Bank of Pakistan (SBP) has established a facilitation desk for foreign exchange related remittances, according to a news report.
SBP has asked the stakeholders to devise benchmarks for processing and due diligence of each type of such transactions.
Private bankers have previously expressed concerns that traders and investors have to face many hurdles if a case goes to the SBP. It takes a lot of time to decide the matter and sometimes they cannot be resolved in time.
The facilitation desk will provide assistance on:
- Registration of equity
- Borrowing contracts
- Profit repatriation
- Acknowledgement and approval of royalty, franchise, technical and management services
- Training and development fees
- Operational and maintenance charges
- Lease rentals/maintenance reserves of airlines
- Legal and advisory services, visa and consulate fee
- Approval to issue guarantees and standby letter of credits
- And any other foreign exchange related matters