The State Bank of Pakistan, as part of its ease of doing measures, has launched a Regulatory Approval System (RAS) for submission of cases related to the foreign exchange policy and operations dealt by its different departments.
The State Bank of Pakistan (SBP) RAS, has become operational from March 24th, 2020, provides an online platform to banks to interact with the SBP/SBP‐BSC for submission of cases and receiving regulatory decisions.
“The paper-based submission of cases by authorised dealers to the Foreign Exchange Operations Department (FEOD) has been abolished forthwith,” the SBP said in a statement. It also implemented a Regulatory Approval System (RAS) for ease of doing business.
A key feature of the system is to keep customers updated about the status of their requests routed through banks from the day it is received at the SBP. They will receive system-generated update status reports, at their email address provided by the respective banks, from the time of case submission till completion, and also be able to check the status of their cases on SBP’s website anytime.
SBP further said that the foreign exchange policy related cases pertaining to the Exchange Policy Department (EPD) will also be submitted electronically through SBP RAS.
