Karachi: The State Bank of Pakistan (SBP) has asked all exchange firms to conduct biometric verification of purchasers of USD 500 more beginning from October 22 in order to reduce the outflow of US dollars, news sources reported. The verification from National Database and Registration Authority’s (NADRA) e-Sahulat will only be applicable until November 5.
The circular, dated October 7, was issued to prohibit the illegal flow of dollars from Pakistan to Afghanistan and to discourage profiteers from stockpiling dollars. Under the new plan, purchases of more than USD 500 will be required to get obligatory verification from NADRA e-Sahulat outlets. According to the Exchange Companies Association of Pakistan (ECAP) Secretary-General Zafar Paracha, the SBP has introduced a revised circular on October 22 allowing both A and B category money exchangers to conduct the sale of foreign currency and outward remittances up to November 5.
After the deadline, the money exchangers will be able to verify the biometric identification of the purchasers themselves through NADRA-developed android application, reducing the e-Sahulat requirements. Furthermore, the SBP, in a recent circular, has permitted just USD 1,000 for individuals travelling to Afghanistan, with an annual cap of USD 6,000. According to General Secretary Pracha, this will limit dollar hoarding and outflows and help stabilise the rupee-dollar parity.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
