In order to further facilitate Overseas Pakistanis, Authorized Dealers (ADs) are now allowed to effect Business to Customer (B2C) and Customer to Business (C2B) transactions through foreign correspondent entities under their existing/new home remittance agency arrangements subject to inclusion of respective ceilings along with terms & conditions delineated in Annexure-A.
2. However, before finalization, ADs are required to forward draft of all addendum/new agency agreements. This department will provide its input, if any, on the draft addendum/new agreement but the ultimate responsibility to adequately safeguard their interest would remain on the ADs.
3. All other instructions on the subject shall remain unchanged. Furthermore, the AD’s failure to comply with the above mentioned instructions may attract regulatory penalty under Section 23K of the Foreign Exchange Regulation Act, 1947.
4. Authorized Dealers are advised to bring the same to the notice of all their constituents..