All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
RELEASE
OF FOREIGN EXCHANGE FOR TRAVEL ABROAD
Attention
of the Authorised Dealers is invited to the instructions
contained in Chapter XVII of the Foreign
Exchange Manual in terms of which they may release foreign
exchange at the rate of US$ 50 per day per person, subject
to a maximum of US$ 2100 per calendar year, to Pakistan
nationals resident in Pakistan, on account of private travel
to countries other than India, Afghanistan and Bangladesh.
Release of foreign exchange in the shape of currency notes
is restricted to US$ 100 per person vide F.E.
Circular 23 of 1996.
2.
Authorised Dealers are advised to ensure that exchange is
released only in the case of genuine travel. For this purpose
they should add a certificate on the 'T-1' Form
that the foreign exchange has been released as the dealing
officer has satisfied himself about the genuineness of the
request. It may please be noted that the State Bank intends
to conduct an audit of all such releases. Action will be
taken both under Foreign Exchange Regulation Act and Banking
Companies Ordinance against those officials who contravene
these instructions.
3.
Authorised Dealers are further advised that in all cases
of release of private travel they will obtain Photostat
copies of pages 1,2 and 3 with inside title page and that
page of the passport on which endorsement of release of
foreign exchange is made alongwith a Photostat of the 1st
coupon of Air / Steamer ticket and surrender the same to
the State Bank alongwith 'T-1' Form.
