Attention of Authorized Dealers is invited to SBP Notification No. F.E.1/91-SB dated the 26^th February, 1991 (Appendix III page 15) and paragraph 8 and para 11(d), Chapter XVIII of the Foreign Exchange Manual, in terms of which persons travelling from Pakistan to foreign countries can take out with them foreign currency without limit. It has been decided to place a maximum ceiling of US$ 10,000/- (or its equivalent in other foreign currencies). A copy of Notification No. F.E.2/98-SB dated July 21st, 1998 issued in this regard is enclosed.

Accordingly, paragraph 8 Chapter XVIII is deleted

and paragraph 11 is replaced by the following:-

"Export of Foreign Exchange Instrument

In pursuance of sub-section 92) of Section 8 of the Act the State Bank has issued Notification No. F.E.2/98-SB dated July Exchange 21st, 1998 granting general permission to  :-

1. Authorized Dealers to send out of Pakistan, cheques, drafts or bills of exchange which have been acquired by them in normal course of their business and within the terms of their authorization.

2. Any person maintaining an account expressed in a foreign currency, and held under any permission, general or otherwise, granted by the State Bank of Pakistan to take or send out of Pakistan, cheques or drafts drawn on such account.

3. Any person, other than a person to whom foreign exchange is issued for travelling purposes only, to send out of Pakistan foreign exchange issued to him by an Authorized Dealer.

4. Any person to take out of Pakistan foreign exchange issued to him by an Authorized Dealer in Pakistan and endorsed on his passport.

5. Any person not ordinarily resident in Pakistan, to take out of Pakistan the unspent amount of foreign currency brought by him into Pakistan provided the period of his continuous stay in Pakistan does not exceed three months, and

6. Any person to take out of Pakistan US$ 10,000/- or equivalent thereof in other foreign currencies".

 

 

• Notification No. F.E.2/98-SB (dated the 1^st July, 1998)