All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
IMPORTS
Attention
of the Authorized Dealers is invited to paragraph-1 of F.E.
Circular No. 65 of 1994, authorizing them to
make advance payment or arrange remittance without letters
of credit, in payment for imported goods, upto a value of
US $ 10,000. Authorized Dealers are advised to add the following
as sub-paragraph (d) of paragraph 32 (of the reprint issued
vide Circular No.49/FEP-Reg(12)-97 dated 18th
November, 1997), Chapter
– XIII of the Foreign Exchange Manual:-
-
"Registered
importers have been permitted vide Import Policy Order,
to make imports upto US$ 10,000 (or equivalent in other
currencies) without opening of letters of credit or
registering the indents/proforma invoices or orders
with the Authorized Dealers. Authorized Dealers may
allow remittances in respect of such imports either
in advance or after receipt of the goods in Pakistan.
In cases where the registered importers wish to make
advance payment for such imports, the Authorized Dealers
will obtain an undertaking from them to produce invoices
and bills of Lading/Airway bill within a period of four
months from the date of advance payment. The Authorized
Dealers will pursue the matter with the importers and
report those cases to the area foreign exchange office,
where the requisite documents are not produced within
the prescribed time limit. In cases where remittances
are made after receipt of goods in Pakistan, the registered
importers can approach the Authorized Dealers for remittance
on the basis of invoices and original bills of lading
or Airway Bill."
