{"id":96255,"date":"2024-02-01T12:56:10","date_gmt":"2024-02-01T07:56:10","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=96255"},"modified":"2024-02-06T12:59:21","modified_gmt":"2024-02-06T07:59:21","slug":"sbp-revises-trade-regulations","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-revises-trade-regulations.html","title":{"rendered":"SBP allows advance payments on imports, modifies trade rules"},"content":{"rendered":"\n<p>Islamabad: The State Bank of Pakistan (SBP) has announced a significant change in trade regulations, permitting advance payments or remittances for the import of goods, as claimed by a news source on February 1.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-maintains-interests-rate-amidst-inflation.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP maintains 22% interest rate, adjusts inflation projection<\/a><\/p>\n\n\n\n<p>As per the recent circular, the SBP communicated this policy adjustment to all banks, eliminating the requirement for prior approval from the SBP for advance payments. According to the circular, authorised dealers can now execute import advance payments, subject to appropriate due diligence, without prior SBP approval. These payments can be made against irrevocable letters of credit or invoices, up to the full value of the letter of credit or invoice.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-decides-issue-new-currency-notes-soon.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP to issue new currency notes with enhanced security features<\/a><\/p>\n\n\n\n<p>This development offers importers the flexibility to make advance remittances without the necessity of opening a letter of credit, enabling payments of up to 100 % of the goods&#8217; value. However, it&#8217;s emphasised that importers must procure dollars from banks as per the existing practice, despite the relaxation in import regulations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The State Bank of Pakistan (SBP) has announced a significant change in trade regulations, permitting advance payments or remittances for the import of goods, as claimed by a news source on February 1. Read: SBP maintains 22% interest rate, adjusts inflation projection As per the recent circular, the SBP communicated this policy adjustment to all banks, eliminating the requirement for prior approval from the SBP for advance payments. According to the circular, authorised dealers can now execute import advance payments, subject to appropriate due diligence, without prior SBP approval. These payments can be made against irrevocable letters of credit or invoices, up to the full value of the letter of credit or invoice. Read: SBP to issue new currency notes with enhanced security features This development offers importers the flexibility to make advance remittances without the necessity of opening a letter of credit, enabling payments of up to 100 % of the goods&#8217; value. However, it&#8217;s emphasised that importers must procure dollars from banks as per the existing practice, despite the relaxation in import regulations.<\/p>\n","protected":false},"author":88,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017,15020],"tags":[55057,21853],"persona":[],"class_list":{"0":"post-96255","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"category-social-developments","9":"tag-sbp-news-and-updates","10":"tag-state-bank-of-pakistan-sbp","11":"cat-15017-id","12":"cat-15020-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP Revises Trade Regulations - Zameen News<\/title>\n<meta name=\"description\" content=\"SBP adjusts trade regulations, now allowing advance payments or remittances for imports, as reported by a source on February 1.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sbp-revises-trade-regulations.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP Revises Trade Regulations - Zameen News\" \/>\n<meta property=\"og:description\" content=\"SBP adjusts trade regulations, now allowing advance payments or remittances for imports, as reported by a source on February 1.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-revises-trade-regulations.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-01T07:56:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-06T07:59:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/05\/SBP.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Muhammad Zohaib Nasir\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Muhammad Zohaib Nasir\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SBP Revises Trade Regulations - Zameen News","description":"SBP adjusts trade regulations, now allowing advance payments or remittances for imports, as reported by a source on February 1.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/sbp-revises-trade-regulations.html","og_locale":"en_US","og_type":"article","og_title":"SBP Revises Trade Regulations - Zameen News","og_description":"SBP adjusts trade regulations, now allowing advance payments or remittances for imports, as reported by a source on February 1.","og_url":"https:\/\/www.zameen.com\/news\/sbp-revises-trade-regulations.html","og_site_name":"Pakistan Real Estate News &amp; 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