Attention of Authorized Dealers is invited to item number 27 of Annexure-B of Chapter 1 of the Foreign Exchange Manual (FEM), which requires ADs to seek prior approval from the Foreign Exchange Operations Department (FEOD), State Bank of Pakistan, Banking Services Corporation (SBP-BSC) for effecting subject remittances.
2. In order to facilitate SBP regulated entities, it has been decided that, henceforth, Authorized Dealers may process these remittances without seeking SBP’s approval after completing the necessary documentation requirements. For this purpose, a new paragraph i.e. Para 28C, has been added in Chapter 14 (Commercial Remittances) of the FEM, which is attached as Annexure-A. Moreover, with the insertion of the aforesaid para, item 27 of Annexure-B of Chapter 1 of FEM shall be amended as under:
“On account of Director's Remuneration/ Meeting Fee, etc. for other than SBP Regulated Entities”
3. Authorized Dealers are advised to ensure meticulous compliance of these instructions.
Encl: Annexure