The Head /Principal Offices of all
Authorized Dealers in Foreign Exchange
Dear
Sirs/Madam
Repatriation
of Surplus Sales Funds by Foreign Airlines Operating in
Pakistan
As a further step towards the liberalization of foreign
exchange regime and in order to facilitate Airlines operating
in Pakistan, the following amendments have been made in
existing procedure for remittances of surplus sales funds:
a) Airlines are allowed to repatriate their sale funds (surplus)
twice a month on receipt of payments from the travel agents.
b) The Airlines are no more required to submit photocopies
of Tickets/ Coupons/ Airway Bills to Authorized Dealers
at the time of making request for repatriation of surplus
funds. They may retain the same at their end for submission
to the concerned Authorized Dealer, as and when required
for random verification by the State Bank of Pakistan. Instead
of submitting Photocopies of Tickets/ Coupons/ Airway Bills,
they may attach with their remittance application, the Counter
Sales Report which contains full details of each sale transaction.
c) The requirement of submission of foreign currency Encashment
Certificate for repatriation of cargo revenues has also
been done away. Further, other supporting documents for
repatriation of cargo revenues will also not be required
to be submitted along with funds transfer application form.
The same may be submitted by the Airlines to the concerned
Authorized Dealer within 120 days after departure of the
cargo.
d) The requirement of submission of Encashment Certificate
by the foreign nationals at the time of booking of their
passage, has also been withdrawn forthwith.
Please bring this to the notice of all your constituents.