The Presidents/Chief Executives of all

Authorized Dealers in Foreign Exchange

Dear Sirs / Madam,

Promulgation of Protection of Economic Reforms (Amendment) Ordinance, 2018

Authorized Dealers may find enclosed a copy of the Protection of Economic Reforms (Amendment) Ordinance, 2018 in terms of which section 5 of the Protection of Economic Reforms Act, 1992 has been amended.

2. Accordingly, para 1(iv), Chapter 6 of Foreign Exchange Manual-2017 stands revised as under:

“Foreign currency accounts can be fed by remittances received from abroad, travellers cheques issued outside Pakistan (whether in the name of account holder or in the name of any other person) and foreign exchange generated by encashment of securities issued by the Government of Pakistan. A foreign currency account of a citizen of Pakistan resident in Pakistan can also be fed with cash foreign currency only if the account holder is a filer as defined in Income Tax Ordinance, 2001.”

3. All other instructions on the subject shall remain unchanged.
4. Authorized Dealers are advised to bring the above instructions to the notice of all their constituents and ensure meticulous compliance.