The Head Offices/Principal Offices of all
Authorized Dealers In Foreign Exchange.

Dear Sirs,

BACK TO BACK REMITTANCE

In terms of FE Circular No. 03 dated the 13th February, 2002, Authorised Dealers were allowed to issue foreign currency travellers’ cheques to foreign nationals as well as Pakistan nationals (residents and non-residents) for travel purpose only upto the limit prescribed under Para 10(f), Chapter XVIII of FE Manual (Eighth Edition-2002) against surrender of an equal amount of foreign exchange in cash and para 48 was added in Chapter XVII.

2. Now as a step towards further liberalization of foreign exchange regime, it has been decided to remove the restriction of issuance of travellers’ cheques for travel purpose only. Consequently, Para 48, Chapter XVII of FE Manual (Eighth Edition-2002) may be replaced with the following:

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‘Authorized Dealers may issue foreign currency travellers’ cheques to foreign nationals and Pakistani nationals (residents and non-residents) upto the limit prescribed under Para 10(f) Chapter XVIII of the Foreign Exchange Manual (Eighth Edition) against surrendering of an equivalent amount of foreign exchange in cash’.

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Please bring the above to the notice of your branches and other constituents.