All Authorized Dealers
in Foreign Exchange,

Dear Sirs,

BACK TO BACK REMITTANCES

Attention of Authorized Dealers is invited to the instructions contained in paragraph 19 - Chapter XVI of the Foreign Exchange Manual in terms of which they may issue TCs / MTs / TTs  or drafts without limit against surrender of an equivalent amount of foreign exchange, including foreign currency notices, by any person - both Pakistan National and Foreign National. It has been decided to place a maximum limit of US$ 10,000 (or its equivalent in other currencies) on each such transaction. It has also been decided that this facility will be made available by the Authorized Dealers to only those persons who hold a valid passport and the amounts of TCs / MTs / TTs /drafts will be endorsed on their passport. Authorized Dealers will report the details of all such transactions on weekly basis, so as to cover the transactions conducted from Monday to Saturday, in the proforma given below, to the Director, Statistics Department, State Bank of Pakistan, Central Directorate, Karachi, so as to reach him by the next Wednesday.