NADRA CNIC Verification Now Mandatory for Currency Exchange in Pakistan

The State Bank of Pakistan (SBP) just issued new directives to money changers nationwide. From the new year, every single foreign currency transaction requires NADRA verification of the buyer or seller. This new rule aims to stop undocumented money flows. It forces all currency deals into the formal, traceable economy.

SBP Aims for Tracing Every Dollar

The State Bank of Pakistan is working hard to curb the undocumented dollar flow. The core of the new rule is mandatory NADRA verification for all foreign currency transactions. This applies to both buying and selling. Money changers should do a NADRA CNIC verification for every currency buyer and seller in Pakistan.

End of Cash: The Push to Cashless Economy

The SBP reforms go beyond simple ID checks. The central bank is actively pushing for a cashless economy. You can no longer buy cash dollars just to deposit them into your Foreign Currency (FCY) bank account. That transaction must now happen digitally, via an account-to-account transfer. Cash dollar sales are now much more restricted. Purchases for travel or education, even if allowed in cash, need full documentation and biometric verification, especially over $500.

The SBP has also formalized transaction caps. Individuals face an annual limit of $100,000 for buying foreign currency. The daily limit is $10,000. These caps apply across all Exchange Companies. These continuous reforms are part of the updated Regulatory Framework for Exchange Companies (RFEC).