Karachi: The State Bank of Pakistan (SBP) on Thursday (November 4) announced a timeline for Exchange Companies (ECs) to implement Biometric Verification System (BVS), according to news sources.
As per the details shared, all ECs/ECs-B categories were directed to coordinate with the National Database and Registration Authority (NADRA) to make sure the integrated system is functional before June 30, 2022.
Sharing more details, it was announced that the exchange companies will be required to conduct biometric verification for outward remittances and sale transactions in all foreign currency equivalent to USD 500 or above.
Reportedly, the SBP on October 7 confined buying of dollars from the open market and made biometric verification compulsory on purchase of USD 500 or more. It was applicable with effect from October 22, 2021. However, it could not be met because of the extensive process involved.
Moreover, the central bank decided to continue biometric verification through e-Sahulat – a franchise of NADRA – till November 5. After November 5, the exchange companies should get permission to continue biometric verification since the system is not executed. NADRA has proposed to use an android-based BVS for exchange companies.
Furthermore, the SBP decided to allow the exchange companies to accommodate its customers by using e-Sahulat until android-based BVS is implemented. The central bank stated that relaxations or extensions in the timeline will only be allowed for companies with genuine reasons with a clear time-bound implementation plan.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
