All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

IMPORTS

Attention of the Authorized Dealers is invited to paragraph-1 of F.E. Circular No. 65 of 1994, authorizing them to make advance payment or arrange remittance without letters of credit, in payment for imported goods, upto a value of US $ 10,000. Authorized Dealers are advised to add the following as sub-paragraph (d) of paragraph 32 (of the reprint issued vide Circular No.49/FEP-Reg(12)-97 dated 18^th November, 1997), Chapter – XIII of the Foreign Exchange Manual:-

4. "Registered importers have been permitted vide Import Policy Order, to make imports upto US$ 10,000 (or equivalent in other currencies) without opening of letters of credit or registering the indents/proforma invoices or orders with the Authorized Dealers. Authorized Dealers may allow remittances in respect of such imports either in advance or after receipt of the goods in Pakistan. In cases where the registered importers wish to make advance payment for such imports, the Authorized Dealers will obtain an undertaking from them to produce invoices and bills of Lading/Airway bill within a period of four months from the date of advance payment. The Authorized Dealers will pursue the matter with the importers and report those cases to the area foreign exchange office, where the requisite documents are not produced within the prescribed time limit. In cases where remittances are made after receipt of goods in Pakistan, the registered importers can approach the Authorized Dealers for remittance on the basis of invoices and original bills of lading or Airway Bill."