NADRA CNIC check now required for all currency exchange in Pakistan

The State Bank of Pakistan (SBP) has issued new instructions for money changers across the country. Starting from the new year, every foreign currency transaction will require NADRA verification of the buyer or seller. The purpose of this rule is to stop undocumented money movement and ensure all currency deals stay within the formal, traceable system.

SBP Aims to Track Every Dollar

The SBP is taking strong steps to control the flow of undocumented dollars. Under the new rule, money changers must verify the CNIC of every person buying or selling foreign currency. This mandatory NADRA check will apply to all transactions, no matter the amount.

Push Toward a Cashless Economy

The new reforms go further than simple ID checks. The SBP is encouraging a move toward a cashless system.

You can no longer purchase cash dollars and then deposit them into your Foreign Currency (FCY) account. These transactions now have to be digital, from one account to another. As a result, cash dollar sales have become much more limited.

For travel, education, or other valid needs, cash purchases are still possible, but they require full documentation. If the amount is above $500, biometric verification is also mandatory.

New Limits on Dollar Purchases

The SBP has also defined clear limits for individuals:

• Annual limit: $100,000

• Daily limit: $10,000

These limits apply across all exchange companies in Pakistan.

These steps are part of the updated Regulatory Framework for Exchange Companies (RFEC), aimed at improving transparency and reducing illegal currency trade.

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