Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 65
August 30, 1993 

All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

RELEASE OF FOREIGN EXCHANGE FOR TRAVEL ABROAD

In terms of the instructions contained in Para 17, Chapter XVII of the Foreign Exchange Manual, 7th Edition, 1992, the Authorized Dealers can release to Pakistan nationals resident in Pakistan, Private Travel Exchange Quota (PTEQ) of US# 1000 over a period of two calendar years for countries other than India, Bangladesh and Afghanistan. Children below the age of two years over two years but under 12 years of age are eligible to draw 50% of the quota i.e. US $ 500. It has now been decided to revise the above scales of private travel exchange quota and to introduce new scales as under:-

  1. The Private Travel Exchange Quota for adults will be US$ 50 per day subject to a maximum of US$ 2100 per calendar year. Children below 2 years of age and those between 2 and 12 years will be entitled to 10% and 50% respectively of the quota.

  2. PTEQ may be drawn in lump sum or in installments. Persons having drawn any amount of PTEQ since January, 1993 would be eligible to draw up to December, 1993 the difference between US$ 2100 and the amount already drawn.

  3. The above quota is available for countries other than Afghanistan, Bangladesh and India. For Bangladesh and India the existing quotas will continue.

  4. In the case of travel by land route the PTEQ will be released after issuance of Visa on the passport of the person concerned. Foreign exchange to the travelers intending to perform journey through land route may be released in the shape of currency notes up to US$ 100 only and the balance should be released in the shape of travelers cheques. In addition to passport pages required to be retained, the Authorized Dealers shall also retain photocopy of Visa for State Bank inspection.

  5. The travelers cheques issued under the Scheme will be branded by the Authorized Dealers with a rubber stamp to the effect that these are good for encashment outside Pakistan and in case of encashment in Pakistan, the proceeds will be paid in Pakistan rupees only.

  6. The cases of persons desirous of availing of the quota in excess of the prescribed limit will be referred by the Authorized Dealers to State Bank of Pakistan giving cogent reasons for which extra amount is required.

  7. The column "Date Proceeding" appearing in Form 'T-1' (App. V-73) may be amended to read as "Date proceeding and period of stay abroad (specify exactly)". The column "Ship or Airline" appearing in the portion of 'T-1' form to be completed by the Authorized Dealers, may be amended to read as "Name of the Ship/Airline".
     
      

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  8. The exchange quota will be released for the period of stay abroad as declared by the applicant or 42 days whichever is less. The declaration made by the applicant will, however, be verified by the Authorized Dealers with the number of days for which Visa, if any, has been granted to him and the dates of outward and inward journeys, if indicated on the ticket.

  9. The facility of drawl of US$ 50 per person for incidental expenses as admissible vide Para 25, Chapter XVII of Foreign Exchange Manual (7th Edition – 1992) will not be admissible to persons availing of PTEQ.

2. The following further relaxation’s have been made in the foreign exchange regulations with immediate effect:-

  1. Professional Training in Private Sector
    The Junior executives have also been allowed to draw subsistence allowance for professional training @ US$ 1200 per month instead of US$ 750 per month as at present. The request for release of foreign exchange exceeding the prescribed limit of US$ 1200 may be referred to State Bank of Pakistan with cogent reasons/supporting documents necessitating release of extra amount.

  1. Remittance by Foreigners for Family Maintenance
    At present foreign nationals who are resident in and have an income in Pakistan are allowed to make monthly remittances to the country of their domicile up to 50% of the net income or US$ 750 per month whichever is higher. The above limits have now been dispensed with. The authorized Dealers may allow such remittances to the extent of difference between the net income of the applicant and his estimated expenses in Pakistan, as declared by him in the prescribed application form.

 

       
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