Head Offices/Principal Offices of all
Authorized Dealers In Foreign Exchange
Dear
Sirs/Madam,
Remittance
of Aircraft Lease Rental by Airlines Incorporated in Pakistan
Attention of Authorized Dealers (ADs) is invited to the
present practice regarding the cases of remittances of Aircraft
lease rentals by airlines incorporated in Pakistan wherein
SBP’s specific approval is required for remittances
on case to case basis.
It
has now been decided to delegate powers to ADs for effecting
remittances of aircraft lease rental upto the guaranteed
hours. However, if the amount exceeds the guaranteed hours,
the case may be referred to FEOD, SBP Banking Services Corporation.
Accordingly
Para 5 Chapter XIV of FE Manual (8th edition, 2002) is amended
by adding the following lines:
“Authorised
Dealers can make remittances on account of lease rentals
by the Airlines incorporated in Pakistan upto the guaranteed
hours. However, if the amount exceeds the guaranteed hours,
ADs would refer the case to the Director , FEOD, SBP Banking
Services Corporation for necessary approval by submitting
the following documents: