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Customs, NBP set to automate daily upload of dollar exchange rate in WeBOC

Customs, NBP set to automate daily upload of dollar exchange rate in WeBOC

ISLAMABAD: Federal Board of Revenue (FBR) has decided to electronically link customs automated system WeBOC with the Treasury and Capital Markets Group of the National Bank of Pakistan so that the daily exchange rate of major currencies is uploaded into WeBOC directly.

Settlement of payments for Pakistan’s International Trade, like other countries, is being done in international currencies. Value of imported goods is converted to Pak Rupees, using latest exchange rate of major currencies notified by the Treasury of the National Bank of Pakistan.

As per current procedure, exchange rate for various currencies is procured from Treasury and Capital Markets Group office of National Bank of Pakistan by Pakistan Customs on daily basis either manually or by downloading the same from National Bank of Pakistan website.

It is then fed manually into the Customs automated system WeBOC for utilization in assessment of value of imports for calculating duties and taxes. In order to further enhance the efficiency of this operation, FBR has decided to electronically link customs automated system WeBOC with the Treasury and Capital Markets Group of the National Bank of Pakistan so that the daily exchange rate of major currencies is uploaded into WeBOC directly.

Necessary instructions have been issued to Director (Reforms & Automation), Karachi for development and deployment of required module in close consultation with National Bank of Pakistan on top priority basis. It is expected that this reform initiative will improve the efficiency and transparency of the process, and will also preclude any possibility of errors/omission.