F.E.
Circular No. 65 |
August 30, 1993 |
All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
RELEASE
OF FOREIGN EXCHANGE FOR TRAVEL ABROAD
In terms
of the instructions contained in Para
17, Chapter
XVII of the Foreign Exchange Manual, 7th
Edition, 1992, the Authorized Dealers can release to Pakistan
nationals resident in Pakistan, Private Travel Exchange
Quota (PTEQ) of US# 1000 over a period of two calendar years
for countries other than India, Bangladesh and Afghanistan.
Children below the age of two years over two years but under
12 years of age are eligible to draw 50% of the quota i.e.
US $ 500. It has now been decided to revise the above scales
of private travel exchange quota and to introduce new scales
as under:-
-
The Private
Travel Exchange Quota for adults will be US$ 50 per
day subject to a maximum of US$ 2100 per calendar year.
Children below 2 years of age and those between 2 and
12 years will be entitled to 10% and 50% respectively
of the quota.
-
PTEQ
may be drawn in lump sum or in installments. Persons
having drawn any amount of PTEQ since January, 1993
would be eligible to draw up to December, 1993 the difference
between US$ 2100 and the amount already drawn.
-
The above
quota is available for countries other than Afghanistan,
Bangladesh and India. For Bangladesh and India the existing
quotas will continue.
-
In
the case of travel by land route the PTEQ will be released
after issuance of Visa on the passport of the person
concerned. Foreign exchange to the travelers intending
to perform journey through land route may be released
in the shape of currency notes up to US$ 100 only and
the balance should be released in the shape of travelers
cheques. In addition to passport pages required to be
retained, the Authorized Dealers shall also retain photocopy
of Visa for State Bank inspection.
-
The travelers
cheques issued under the Scheme will be branded by the
Authorized Dealers with a rubber stamp to the effect
that these are good for encashment outside Pakistan
and in case of encashment in Pakistan, the proceeds
will be paid in Pakistan rupees only.
-
The cases
of persons desirous of availing of the quota in excess
of the prescribed limit will be referred by the Authorized
Dealers to State Bank of Pakistan giving cogent reasons
for which extra amount is required.
-
The column
"Date Proceeding" appearing in Form
'T-1' (App.
V-73) may be amended to read as "Date proceeding
and period of stay abroad (specify exactly)". The
column "Ship or Airline" appearing in the
portion of 'T-1'
form to be completed by the Authorized Dealers,
may be amended to read as "Name of the Ship/Airline".
-
The exchange
quota will be released for the period of stay abroad
as declared by the applicant or 42 days whichever is
less. The declaration made by the applicant will, however,
be verified by the Authorized Dealers with the number
of days for which Visa, if any, has been granted to
him and the dates of outward and inward journeys, if
indicated on the ticket.
-
The facility
of drawl of US$ 50 per person for incidental expenses
as admissible vide Para
25, Chapter
XVII of Foreign Exchange Manual (7th
Edition 1992) will not be admissible to persons
availing of PTEQ.
2. The following
further relaxations have been made in the foreign
exchange regulations with immediate effect:-
-
Professional
Training in Private Sector
The Junior executives have also been allowed to draw
subsistence allowance for professional training @ US$
1200 per month instead of US$ 750 per month as at present.
The request for release of foreign exchange exceeding
the prescribed limit of US$ 1200 may be referred to
State Bank of Pakistan with cogent reasons/supporting
documents necessitating release of extra amount.
-
Remittance
by Foreigners for Family Maintenance
At present foreign nationals who are resident in and
have an income in Pakistan are allowed to make monthly
remittances to the country of their domicile up to 50%
of the net income or US$ 750 per month whichever is
higher. The above limits have now been dispensed with.
The authorized Dealers may allow such remittances to
the extent of difference between the net income
of the applicant and his estimated expenses in Pakistan,
as declared by him in the prescribed application form.
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