Attention of all Authorised Dealers is invited to Para 29(iii) Chapter XII of Foreign Exchange Manual (seventh edition, 1992) in terms of which if the exporter is not required to pay commission or where he is required to pay to the foreign agent an amount less than the maximum permissible limits, such amounts of commission/differential not exceeding 6% FOB value of goods realized can be retained in foreign currency accounts with Authorised Dealers in Pakistan.

2. To encourage the exporters, it has been decided that those exporters who post at least 10% growth over the last year’s export performance may be allowed to retain 50% of their additional export proceeds in their foreign currency account maintained with the Authorised Dealers in Pakistan. In this context, the Exporter/Group will work out on aggregate basis in the context of companies/firms having common Directors/Partners/individual company owned by the single owner having substantial equity and will prepare a Bank-wise statement on Annexure “A” showing the performance of previous financial year and current financial year. They are also required to submit a consolidated statement on Annexure “B” to Exchange Policy Department along with Annexure “A” in original for issuance of formal permission to the exporter to retain the above in their foreign currency account from their future export proceeds in the designated bank.

3. Please bring the above to the notice of your all constituents.