All Authorised 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 as amended vide FE Circular no. 7 of 1995 and 39 of 1998 in terms of which they may issue TCs/MTs/TTs or drafts, subject to a limit of US$10,000/- per transaction, against surrender of an equivalent amount of foreign exchange, including foreign currency notes, by any person – both Pakistani national and foreign national. It has now been decided that this facility will be made available by the Authorized Dealers only a foreign nationals, subject to endorsement on their passports. Accordingly, the aforesaid paragraph 19 is revised as under:

"Authorized Dealers may issue TCs/MTs/TTs or drafts upto a limit of US$5000/- per customer per transaction to foreign nationals in Pakistan, against surrender of equivalent amount of foreign exchange including foreign currency notes, subject to endorsement on their passports".

The restriction would not apply to remittances out of foreign currency accounts opened in terms of FE Circular No. 25 of 1998 and those opened under the earlier scheme which have been exempted from the temporary restrictions imposed vide FE Circular No. 12 of 1998. The report prescribed vide FE Circular No. 39 of 1998 as amended vide Statistics Department’s letter No. 12/FEP.16(326)Q-99 dated May 01, 1999 will no longer be required.