EXCERPTS:
With the liberalization of the foreign currency regime in
the country, and to facilitate operations for maintaining
Foreign Currency Accounts under FE-25, State Bank of Pakistan
is pleased to introduce “Local US Dollar Instruments
Collection and Settlement System” in Pakistan with effect
from March 11, 2004. Presently, the clearing process has to
be routed through New York which takes a long time in settlement
and the cost of the above process is also quite high for the
account holders. The key objectives of this new system are
quick settlement locally, cost effectiveness and facilitation
of the market.
Scope and Salient Features of “Local
US Dollar Instruments Collection and Settlement System”:
Instruments
All financial instruments (cheques, drafts etc.) denominated
in US$ drawn on bank branches (in cities as appear in the
coverage list below) in Pakistan will be acceptable for this
settlement system.
Coverage
The bank branches in the following cities will participate
in the Local US Dollar Instruments Collection and Settlement
System:
1) Karachi 2) Lahore 3) Islamabad 4) Rawalpindi 5) Faisalabad
6) Multan 7) Sialkot 8) Peshawar 9) Quetta 10) Mirpur
11) Hyderabad
END OF EXCERPTS
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Country wide US Dollar Collection
and Settlement System
In 2004, NIFT introduce Local US Dollar Collection and Settlement
System in the country. This is a very distinctive addition
to the repertoire of services supported by NIFT and constitute
a significant step forward in our continued efforts towards
MODERNIZATION OF PAYMENT SYSTEMS IN PAKISTAN. Banks and
their branches in 15 major cities avail centralused US Doller
Collection and Settlement system.