| F.E.
Circular No. 10 |
August 27, 2001 |
All
Authorised Dealers in Foreign Exchange/Foreign Airlines/
GSA of Foreign Airlines in Pakistan.
Dear
Sirs,
REMITTANCE
OF SURPLUS PASSAGE/FREIGHT COLLECTION ON
FOREIGN AIRLINES AND GSA OF FOREIGN AIRLINES
It
has been decided to delegate to the Authorised Dealers,
the powers to allow remittance of surplus passage/freight
collection of Foreign Airlines/GSA of Foreign Airlines
in respect of those passage/freight which have already
been undertaken. In case where journey has not yet been
undertaken collection should neither be included in the
remittance application nor be used for disbursement. The
following is added as sub-paragraph (iv) of para 1, Chapter
XIV of Foreign Exchange Manual.
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Remittance
on account of surplus passage/freight of foreign
Airlines/GSA of foreign Airlines. |
(iv) |
As
an exception to the instructions contained in sub-paragraph
(ii), Foreign Airlines/GSA of Foreign Airlines,
desiring to remit their surplus passage/freight
collections without prior approval of State Bank
of Pakistan, may designate an Authorised Dealer
and approach the State Bank of Pakistan through
it for such permission. The State Bank of Pakistan,
after ensuring that foreign Airlines hold valid
Board of Investment NOC and GSA of foreign Airlines
hold valid NOC from Board of Investment, Civil Aviation
Authority, valid GSA agreement with their principal
and valid licence from Tourism Department duly showing
that concerned agency is the GSA of the concerned
Airline will authorize the Authorised Dealers to
remit surplus passage/freight amount on receipt
of the following documents :-
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(i) |
F.P.
statement (App. V.45), Chapter XIV of Foreign Exchange
Manual, 1992
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(ii) |
Concerned
Airlines/GSA of concerned Airlines request (App.V-43),
Chapter XIV of Foreign Exchange Manual, 1992.
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(iii) |
Passage
statement (App.V.47), Chapter XIV of Foreign Exchange
Manual, 1992 alongwith photo copy of ticket coupon
and other documents. |
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(iv) |
Refund
Statement (App.V-52), Chapter XIV of Foreign Exchange
Manual, 1992 alongwith the documents according to
para 14(a) & (b) of Chapter XVII of Foreign
Exchange Manual, 1992
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(v) |
Booking
on credit (App.V-48), Chapter XIV of Foreign Exchange
Manual, 1992
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(vi) |
Realized
Statement (App.V-49), Chapter XIV of Foreign Exchange
Manual, 1992.
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(vii) |
Excess
Baggage amount statement.
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(viii) |
Freight
statement under para 1(ii)(a) & (b), alongwith
the documents according to para 2(a), (b) &(c)
and 2-A of Chapter XIV of Foreign Exchange Manual,
1992 and documents mentioned in F.E. Circular No.5
dated the 13th May, 2000 at para 4(a),
(b), (c) & (d).
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(ix) |
Bank
Encashment Certificate in support of inward remittance
received under para 1(ii) (c) Chapter XIV of
Foreign Exchange Manual, 1992. |
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2.
After 100% checking of the statement of passage/freight
and other documents according to relevant chapter of F.E.
Manual Authorised Dealers will allow remittance of the
surplus passage/freight amount not exceeding the amount
mentioned in the last column of the statement of passage/freight
amount/Excess Baggage & Credit Realized amount after
deducting disbursement amount, refund amount, credit amount,
and 3% income tax amount or as applicable, on net collection
after deducting refund amount if concerned airline is
not holding Exemption Certificate from Income Tax Department
and objection amount detected by them.
3.
Authorised Dealers will submit all the documents mentioned
in para I(iv)(i) to (ix) alongwith a photo copy of Form
‘M’ for post-facto checking within 3 days
of remittance to the Joint Director (Operation Division),
Exchange Policy Department, State Bank of Pakistan, Central
Directorate, Karachi. The original Form ‘M’
shall be submitted as usual through Schedule E-4 while
reporting the transaction in their monthly Foreign Exchange
Returns.
4.
Any irregularity detected and advised by the State Bank
shall be rectified by the concerned airline within 7 days
on receipt of such advice failing which the amount remitted
against such booking will be required to be repatriated
to Pakistan through normal banking channel within 7 days
and no future adjustments will be permissible.
5.
In all other cases prior approval of the State Bank of
Pakistan would be required.
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| Yours
faithfully,
(M. R. MEHKARI)
Director |
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