Regulatory Alerts2026-04-06 | EPD Circular Letter No. 07Added · Updated
Revision of Form R, IRV, and Form M
The State Bank of Pakistan has revised the formats of Form M, Form R, and Form IRV to align with current regulatory reporting requirements and remove redundancies. The thresholds for Form R and Form IRV are set at USD 25,000 or its equivalent in other currencies. Authorized Dealers must use these revised formats with immediate effect and strictly observe the bifurcation of responsibility regarding information provision in Appendices V-7 and V-121. Additionally, Authorized Dealers are instructed to digitalize the process of seeking information from customers through these appendices by June 30, 2026.
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EPD Circular Letter No. 07
Revision of Form “R”, “IRV” and Form “M”
April 06, 2026
10666
The Presidents/ Chief Executives of all Authorized Dealers in Foreign Exchange, Dear Sir/Madam, Revision of Form “R”, “IRV” and Form “M” Attention of Authorized Dealers is invited towards Chapter 22 and other relevant provisions of Foreign Exchange Manual (FEM), in terms of which they are required to report the data related to foreign exchange transactions, including information submitted by their customers on the prescribed forms, to the Statistics and Data Services Department of State Bank of Pakistan through International Transaction Reporting System (ITRS).
In order to align the prescribed forms used for capturing details of invisible payments and receipts with current regulatory reporting requirements and remove redundancies, SBP has revised the formats of the following appendices:
Sr. No.
Prescribed Form Name
Appendix No. of FEM
1
Form “M”
V-7
2
Form “R”
V-121
3
“IRV” (Inward Remittance Voucher)
V-122
Further, the thresholds of Form “R” and IRV have also been revised to USD 25,000 (equivalent in other currencies). Authorized Dealers are advised to use these revised formats with immediate effect for capturing the details of applicable inward and outward remittance transactions. Further, the Authorized Dealers are advised to strictly observe the bifurcation of responsibility with respect to provision of information in the Appendices V7 and V-121 . Furthermore, to enhance customer convenience, Authorized Dealers are instructed to digitalize the process of seeking information from their customers through Appendices V-7 and V-121 of the FEM latest by June 30, 2026.
ADs are advised to bring the above development to the notice of all their constituents and ensure meticulous compliance.
Enclosed:
Appendix V-7
121
122
Yours sincerely,
Dr. Asif Ali Director
Home — Circulars — EPD Circular Letter No. 07
Revision of Form “R”, “IRV” and Form “M”
April 06, 2026