All
Head Offices/Principal Offices
of Authorized Dealers In Foreign Exchange.
Dear
Sirs,
REGISTRATION
REQUIREMENT WITH BOARD OF INVESTMENT
FOR PAKISTANI AGENTS TO REPRESENT FOREIGN COMPANIES
In
terms of Para 1 (iii) and Para 3 Chapter XIV of Foreign
Exchange Manual (Eighth edition) the Cargo Consolidators/Forwarders
who are approved members of FIATA or Foreign Airlines, General
Sales Agents and Shipping Companies/Agents are required
to be registered with Board of Investment, Government of
Pakistan.
2. It has now been decided to exempt the
Pakistani local owned companies working as agents of foreign
shipping companies, airline companies, cargo consolidators
or courier service companies from registration requirement
with the Board of Investment. Under the revised procedure,
the applicants would now apply for NOC/registration/renewal
directly to their respective regulatory authority i.e. Director
General (Ports and Shipping wing) Ministry of Communications
and Railways, Civil Aviation Authority & Director General
Pakistan Post Office, Ministry of Communications and Railways,
Government of Pakistan.
Accordingly
Para 1(iii) and Para 3 (j & m), of Chapter XIV of Foreign
Exchange Manual are amended with immediate effect to read
as under.
“1(iii)
Cargo Consolidators/Forwarders who are approved members
of FIATA and registered with regulating authorities as per
Para 1(iv) ibid may accept freight in rupees without the
prior approval of the State Bank only in respect of Pakistani
exports cargo on C&F/CIF basis as per procedure prescribed
in paragraph 29 of Chapter X11 of the Manual provided the
consignment is being dispatched against Advance Payment
or an irrevocable letter of credit which contains a provision
for issuance of documents of title under Cargo Consolidation
System and a certificate to this effect issued by the Authorised
Dealer on Appendix V-13 is produced.
3(j) A copy of manifest of Cargo Consolidators
together with relative non-negotiable copies of House Bill
of Lading or /House Airway Bill (quoting reference of original
Master Bill of Lading or Master Airway Bill issued by them
with names of each shippers), “E” Form Certificates
prescribed vide Para 29 of Chapter XII of the Manual, Encashment
Certificate where freight is paid in foreign exchange separately
and a copy of valid permission letter given by the regulating
authorities as stated under Para 1 (iv) ibid.
3(m) In the case of agents, a copy of the valid permission
letter given by the regulating authorities as stated under
Para 1 (iv) ibid for acting on behalf of the foreign principal.”
The following new Para may be added as “Para 1(iv)”
Chapter XIV of Foreign Exchange Manual:-