SBP allows foreign currency transactions by ECs through NADRA

December 14, 2021 (MLN):  The State Bank of Pakistan (SBP) has allowed Exchange Companies (ECs) and Exchange Companies of 'B' Category (ECs-B) to carry out foreign currency sale transactions by obtaining original online verisys NADRA identity card verification slip if the biometrics of individual would not be verified, said a notification issued by SBP on Tuesday.

The verification slip is issued by NADRA's e-sahulat or any other facility and verify the same from the NADRA website.

It has been observed that biometrics of some individuals cannot be verified from NADRA due to the reasons including customer's permanent physical condition eg. unreadable fingers '/thumb impression, injury to their hand full/partial amputation, customer's temporary issue eg. Wounded fingers, and technical issues from NADRA beyond a reasonable time, it added.

SBP also advised ECs/ ECs-B to record reasons for using online verisys for all such transactions and keep all related documents in their record.

To recall, all ECs and ECs-B were advised on October 06, 2021, to carry out biometric verification of Pakistani Nationals for all foreign currency sales equivalent to $500/- or above and all outward remittance transactions and maintain record thereof.

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