The
Head Offices/Principal Offices of all
Authorized Dealers In Foreign Exchange.
Dear
Sirs,
BACK
TO BACK REMITTANCE
In terms of FE Circular No. 03 dated
the 13th February, 2002, Authorised Dealers were allowed
to issue foreign currency travellers’ cheques to foreign
nationals as well as Pakistan nationals (residents and non-residents)
for travel purpose only upto the limit prescribed under
Para 10(f), Chapter XVIII of FE Manual (Eighth Edition-2002)
against surrender of an equal amount of foreign exchange
in cash and para 48 was added in Chapter XVII.
2.
Now as a step towards further liberalization of foreign
exchange regime, it has been decided to remove the restriction
of issuance of travellers’ cheques for travel purpose
only. Consequently, Para 48, Chapter XVII of FE Manual (Eighth
Edition-2002) may be replaced with the following:
Quote
‘Authorized
Dealers may issue foreign currency travellers’ cheques
to foreign nationals and Pakistani nationals (residents
and non-residents) upto the limit prescribed under Para
10(f) Chapter XVIII of the Foreign Exchange Manual (Eighth
Edition) against surrendering of an equivalent amount of
foreign exchange in cash’.
Unquote
Please
bring the above to the notice of your branches and other
constituents.