Regulatory Alerts2026-04-23 | EPD Circular Letter No. 09Added · Updated
Amendments in Instructions regarding Imports under Pakistan Single Window and Guarantees on behalf of Residents of Pakistan in favor of Non-Residents
The State Bank of Pakistan amends the Foreign Exchange Manual to require Authorized Dealers to communicate import transaction financial instrument details to the Pakistan Single Window (PSW) via EDI. The document specifies that financial instruments must be issued for advance payments, letters of credit, shipping document receipts, crude oil contracts, or open account imports, with serial numbers generated automatically in a prescribed format. For non-open account cases, importers must file a PSW declaration attached to the financial instrument for customs clearance, and Authorized Dealers may amend or cancel instruments under specific conditions. Additionally, prior approval is mandated for guarantees or standby letters of credit involving payments to non-residents, with applications routed to specific State Bank departments based on the nature of the guarantee, while exemptions are maintained for certain import financing instruments.
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