Head / Principal Offices of all

Authorized Dealers in Foreign Exchange

Dear Sirs/Madam,

Liberalization of Foreign Exchange – Information Technology Services

Attention of Authorized Dealers is invited to F.E. Circular No.12 of July 07, 2004 and F.E. Circular No.15 of October 20, 2004 on the captioned subject in terms of which general permission has been granted to release foreign exchange up to a maximum of US $ 100,000/- or equivalent in other currencies, per invoice for payments on account of utilization of Information Technology services.

It has, however, been noticed that Authorized Dealers invariably require applicants to submit an NOC of Pakistan Software Export Board, resulting in unnecessary delay/complications for the remitter. It is therefore clarified that submission of an NOC from Pakistan Software Export Board is not required, for remittances up to US$ 100,000/-, in case of utilization of Information Technology Services.

All other instructions contained in F.E. Circular No.12 dated July 07, 2004 and F.E. Circular No.15 dated October 20, 2004 will, however, remain unchanged.