SBP enhances FCY payment tracking via RAS

May 13, 2024 (MLN): To allow enhanced tracking of FCY cross border payments / transfers through Nostros cases, banks will now be able to submit these cases through SBP's Regulatory Approval System (RAS), said a circular issued by the treasury operations department of the State Bank of Pakistan (SBP) on Monday.

These cases include ACU Dollars payment / receipt cases, CRR & SCRR deposits & withdrawal cases / instruction letters (FE25), and Local US Dollar Instrument Collection & Settlement Account Deposit & withdrawals cases.

To note, banks are currently submitting required documentation for the above listed FCY transactions pertaining to this department through Data Access Portal (DAP).

The SBP said that banks are required to complete on-boarding on RAS by May 31, 2024.

Co-existence period of DAP and RAS for all the cases will be from June 03 till June 30, 2024.

During co-existence period, banks would be required to submit cases on both the platforms.

“Effective from July 01, 2024, banks are advised to submit these cases only through RAS; and reporting through DAP will not be entertained from this date onwards,” the circular reads.

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