Circulars/Notifications - Exchange Policy Department  
FE Circular No. 01

January 19, 2011

The Chief Executives of
All Exchange Companies

Dear Sirs / Madam,

Export of FCYs other than US Dollars

Attention of Exchange Companies is invited to Para 3 of F. E. Circular No. 4 dated May 09, 2008 whereby Exchange Companies were disallowed to export cash in U.K Pound Sterling, Euro and UAE Dirhams. It has, now, been decided to withdraw the said instructions with immediate effect.

The Exchange Companies established under F. E. Circular No. 9 of 2002 will, therefore, be allowed to export all types of FCYs other than US Dollars as per prescribed procedure and declaration at SBP-Customs Joint Booths located at Jinnah Int’l Airport, Karachi and Allama Iqbal Int’l Airport, Lahore. The Exchange Companies shall, however, ensure to receive the equivalent US Dollars against exported currencies in their foreign currency accounts maintained with banks in Pakistan within 3 working days. An evidence to this effect should immediately be submitted to this department against each shipment.

Other instructions related to the subject matter shall, however, remain the same.

Yours faithfully,

(Syed Samar Hasnain)

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