The
Head offices of
All Authorized Dealers
in Foreign Exchange.
Dear
Sirs,
ADVANCE
REMITTANCES – IMPORTS
Attention of Authorized Dealers is invited to sub para (i)
of para 30 of Foreign Exchange Manual (Eighth Edition) 2002
in terms of which, in special cases, with prior permission
of State Bank of Pakistan, advance remittances may be allowed
upto 33 1/3% of the estimated C & F value of the total
quantity of the goods to be imported
2
With a view to further liberalize this facility, it has
been decided that henceforth Authorized Dealers may themselves
approve such requests of Advance remittance upto the extent
of 50% of the estimated C&F value of the total quantity
of the goods to be imported. However, Authorized Dealers
will report this transaction post fact, on Form “I”
alongwith (App.V-29) duly signed by the Importer, to the
SBP with their monthly return.
3.
In this connection, para 30 sub para (i) of Chapter XIII
of Foreign Exchange Manual (Eighth Edition) 2002 may be
recasted as under:
“Authorized
Dealers may consider applications for advance remittance
against imports upto the extent of 50% of the estimated
C & F value of the total quantity of the goods to be
imported. Applications for such advance remittance should
be made to Authorized Dealer on Form “I” and
should be accompanied by the original contract entered into
between the importer and the foreign manufacturer or supplier.
The applications should also be supported by an undertaking
in the prescribed form (Appendix V-29) duly signed by the
importer.”
4.
Appendix V-29 duly amended is enclosed
5.
Authorized Dealers are advised to bring the same to the
notice of all their constituents.
Encl.
(1)