Head/Principal Offices of
Authorized Dealers in Foreign Exchange.
Dear
Sirs,
Liberalization
of Foreign Exchange - Information Technology Services
In accordance with State Bank’s policy towards liberalization
of the Foreign Exchange regime, Authorized Dealers are hereby
granted general permission to release foreign exchange upto
a maximum of US$ 100,000/- or equivalent in other currencies
per invoice for private sector companies incorporated in
Pakistan, for payments on account of utilization of Information
Technology services, after satisfying themselves with the
genuineness and bonafides of the requests through invoices,
Government approvals/NOCs/licensing or certifications wherever
so required as per the instructions in Foreign Exchange
Manual, and after deducting all applicable taxes. A list
of eligible items under this circular is as follows:
i)
Satellite Transponder charges.
ii) International Bandwidth charges.
iii) International Internet service charges.
iv) International Private Line charges.
v) Software licence/maintenance &
support fees for proprietary/ specialized software.
vi) Subscriptions/payments for access to foreign
electronic media & databases.
The
following categories shall, however, continue to be governed
under the existing instructions:
a. Remittances by Branches/Liaison/Project
Offices of foreign companies (other than branches of foreign
banks).
b. Remittances by State Bodies
& Enterprises.
Remittances under authority of this circular may only be
made through a bank designated by the remitters for the
purpose under intimation to Exchange Policy Department,
State Bank of Pakistan
The above changes shall take effect immediately.