Islamabad: According to press reports, the State Bank of Pakistan (SBP) issued a timeframe for Exchange Companies (ECs) to adopt the Biometric Verification System (BVS) on Thursday (November 4).

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According to the information provided, all ECs/ECs-B categories have been asked to work with the National Database and Registration Authority (NADRA) to ensure that the integrated system is operational by June 30, 2022.

More specifically, exchange companies would be required to undergo biometric verification for export remittances and selling transactions in all foreign currency equivalent to USD 500 or more, according to the announcement.

According to reports, the SBP restricted open market dollar purchases on October 7 and made biometric authentication mandatory for purchases of USD 500 or higher. It was enacted on October 22, 2021, and went into effect on October 22, 2021. However, due to the lengthy process involved, it could not be met.

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Furthermore, until November 5, the central bank has agreed to continue biometric verification using e-Sahulat, a NADRA franchise. Since the system is not in use, the exchange businesses should acquire permission to continue biometric verification after November 5. For exchange companies, NADRA has advocated using an android-based BVS.

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