The Head /Principal Offices of all
Authorized Dealers in Foreign Exchange

Dear Sirs/Madam

Repatriation of Surplus Sales Funds by Foreign Airlines Operating in Pakistan

As a further step towards the liberalization of foreign exchange regime and in order to facilitate Airlines operating in Pakistan, the following amendments have been made in existing procedure for remittances of surplus sales funds:

a) Airlines are allowed to repatriate their sale funds (surplus) twice a month on receipt of payments from the travel agents.
b) The Airlines are no more required to submit photocopies of Tickets/ Coupons/ Airway Bills to Authorized Dealers at the time of making request for repatriation of surplus funds. They may retain the same at their end for submission to the concerned Authorized Dealer, as and when required for random verification by the State Bank of Pakistan. Instead of submitting Photocopies of Tickets/ Coupons/ Airway Bills, they may attach with their remittance application, the Counter Sales Report which contains full details of each sale transaction.
c) The requirement of submission of foreign currency Encashment Certificate for repatriation of cargo revenues has also been done away. Further, other supporting documents for repatriation of cargo revenues will also not be required to be submitted along with funds transfer application form. The same may be submitted by the Airlines to the concerned Authorized Dealer within 120 days after departure of the cargo.
d) The requirement of submission of Encashment Certificate by the foreign nationals at the time of booking of their passage, has also been withdrawn forthwith.

 

Please bring this to the notice of all your constituents.