Attention
of Authorized Dealers is invited to SBP Notification
No. F.E.1/91-SB dated the 26th February, 1991
(Appendix
III page 15) and paragraph
8 and para
11(d), Chapter
XVIII of the Foreign Exchange Manual, in terms of
which persons travelling from Pakistan to foreign countries
can take out with them foreign currency without limit.
It has been decided to place a maximum ceiling of US$
10,000/- (or its equivalent in other foreign currencies).
A copy of Notification No.
F.E.2/98-SB dated July 21st, 1998 issued in this regard
is enclosed.
Accordingly,
paragraph
8 Chapter
XVIII is deleted
and paragraph
11 is replaced by the following:-
"Export
of Foreign Exchange Instrument
In pursuance
of sub-section 92) of Section 8 of the Act the State Bank
has issued Notification
No. F.E.2/98-SB dated July Exchange 21st, 1998 granting
general permission to :-
-
Authorized
Dealers to send out of Pakistan, cheques, drafts or
bills of exchange which have been acquired by them
in normal course of their business and within the
terms of their authorization.
-
Any
person maintaining an account expressed in a foreign
currency, and held under any permission, general or
otherwise, granted by the State Bank of Pakistan to
take or send out of Pakistan, cheques or drafts drawn
on such account.
-
Any
person, other than a person to whom foreign exchange
is issued for travelling purposes only, to send out
of Pakistan foreign exchange issued to him by an Authorized
Dealer.
-
Any
person to take out of Pakistan foreign exchange issued
to him by an Authorized Dealer in Pakistan and endorsed
on his passport.
-
Any
person not ordinarily resident in Pakistan, to take
out of Pakistan the unspent amount of foreign currency
brought by him into Pakistan provided the period of
his continuous stay in Pakistan does not exceed three
months, and
-
Any
person to take out of Pakistan US$ 10,000/- or equivalent
thereof in other foreign currencies".
