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

Dear Sirs /Madam,

Remittance of Surplus Funds by Foreign Airlines

As a further step towards liberalization of foreign exchange regime and in order to facilitate Foreign Airlines in Pakistan, the following amendments have been made:

1) Under the existing regulations, in terms of Para 3(d), Ch. XIV, FEM-2002, Foreign Airlines are required to submit application along with all relevant documents including passage statement (V-37) to Authorized Dealers for effecting remittances of surplus passage and freight collection. Now, it has been decided that instead of V-37, Foreign Airlines will henceforth submit BSP Sales Statement which is being provided by the International Air Transport Association (IATA) to each Airline in Pakistan. However, data contained in V-37 statement should readily be available with the concerned ticket issuing office.

2) Further, in terms of instructions contained in Para 6, Chapter XVII, FEM-2002, at present Airlines in Pakistan have been restricted from issuance of tickets to Saudi Arabia or its adjoining countries during the Hajj Season i.e. from 10th Shawal to 10th Zilhaj each. Now, it has been decided to waive this restriction and accordingly, Para No. 6 appearing in Chapter XVII of FEM-2002 is hereby deleted.

Please bring this to the notice of all your constituents.