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| The Head /Principal Offices of all Authorised Dealers in Foreign Exchange Dear Sir/Madam Liberalization of Foreign Exchange Regime –Information Technology Services Attention of Authorised Dealers is invited to F.E. Circular No.12 of July 07, 2004 on the captioned subject whereby they were 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 With a view to enhance the scope of aforesaid permission, it has been decided to extend the remittance facility for payment on account of Information Technology services to those branches of foreign companies also, which are operating in Pakistan with the permission of Board of Investment to undertake permissible business/commercial activities, pay local taxes and periodically repatriate their profit abroad under Para 13, Chapter XIV of Foreign Exchange Manual |
Yours sincerely,
Azhar Kureshi
Director