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SBP to take action against importers,banks for fraud in remittances.

KARACHI -- The State Bank of Pakistan (SBP) will take stern legal action against importers and banks involved in remittance of foreign exchange against duplicate/fraudulent import documents, prepared for imports on open account.

SBP has strictly advised commercial banks to take proper evaluation/scrutiny of requests from importers for remittance of foreign exchange against the imports made on open account.

It is advised in the interest of all stakeholders to refrain from such fraudulent remittances, using the duplicate fraudulent import documents as all such cases will eventually be referred to concerned law enforcement agency, said SBP statement here on Friday.

The Central Bank is taking appropriate steps as per relevant law against importers if found in fraudulent activities. Moreover, the banks which fail to properly process these cases shall also be penalized for their failure to undertake normal precautions required to be taken as a banking company.

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Publication:The Frontier Star (Northwest Frontier Province, Pakistan)
Date:Jan 9, 2016
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