Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
SBP Further Tighten The Regulations For Dollar Buying And Remit Abroad
12-20-2021, 01:26 PM
Post: #1
SBP Further Tighten The Regulations For Dollar Buying And Remit Abroad
Karachi December 19 2021:In order to enhance documentation and transparency and to further strengthen the foreign
exchange regulatory regime, the State Bank of Pakistan has amended the regulations governing sale of foreign exchange to individuals by exchange companies.

This step, which is in continuation of other measures being taken by SBP, is primarily to discourage speculative buying and selling of foreign exchange from the exchange companies without affecting the ability of the market to serve the genuine needs of the public.


Consequent to these amendments, exchange companies shall ensure that any individual shall not purchase foreign exchange from all exchange companies in excess of USD 10,000 per day and USD 100,000 (or equivalent in other currencies) per calendar year, in the form of cash or outward remittances. These limits have been set taking into consideration the individual’s personal needs for foreign exchange.

In addition, the individuals shall continue to avail the facility of remitting the educational and medical expenses abroad up to USD 70,000 per calendar year and USD 50,000 per invoice respectively, from banks as per existing regulations. For remittance of any amount in excess of these limits, or for any other purposes, individuals can approach Foreign Exchange Operations Department of SBP-BSC, through their bank. Further, there is no change in regulations with respect to foreign currency accounts of the individuals.

The exchange companies shall obtain supporting documents against sale of foreign exchange in excess of USD 1,000 (or equivalent in other currencies) substantiating the purpose of transaction. Further, exchange companies shall not perform transactions against authority letters. Instructions further emphasized that ECs shall perform transactions only at authorized outlets of the company and shall not provide delivery services to the customers.

Reference:
https://augaf.com/sbp-further-tighten-th...it-abroad/
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  LDA Building and Zoning Regulations-2019 for Enhanced Law Enforcement LRE-Azan 0 456 01-22-2024 07:06 PM
Last Post: LRE-Azan
  Steel Prices Experience a Decline as the Rupee Gains Strength Against the US Dollar LRE-Azan 0 411 12-19-2023 02:32 PM
Last Post: LRE-Azan
  Pakistan and Kuwait Seal Seven Multi-Billion Dollar Investment Pacts LRE-Azan 0 435 11-30-2023 06:42 PM
Last Post: LRE-Azan
  Pakistan and the UAE Strengthen Ties with Multi-Billion-Dollar MoUs LRE-Azan 0 377 11-29-2023 02:38 PM
Last Post: LRE-Azan
  Dollar Rate in Pakistan – USD to PKR Open Market Updated Prices (2023) LRE-Azan 0 557 08-31-2023 07:18 PM
Last Post: LRE-Azan
  CDA Approve A Multi-Billion Dollar Project For The Rural Belt LRE-Azan 0 791 03-02-2023 07:27 PM
Last Post: LRE-Azan
  Dollar peaks to new high of Rs175 in intraday trade LRE-Azan 0 1,395 10-26-2021 09:26 PM
Last Post: LRE-Azan
  Pakistan Joins trillion-dollar Economies Club By 25th Ranked In The World Salman 0 4,663 07-20-2017 02:06 PM
Last Post: Salman
  Ill-planned construction continues in Zone-IV despite new regulations Salman 0 4,867 07-16-2012 12:39 PM
Last Post: Salman
  Rupee depreciates to Rs 90 against dollar Lahore_Real_Estate 0 3,674 12-27-2011 01:34 PM
Last Post: Lahore_Real_Estate
  Centre asks Punjab to tighten Aasia’s security Lahore_Real_Estate 0 4,401 01-10-2011 02:19 PM
Last Post: Lahore_Real_Estate
  Dollar Can be Destroyed If Gulf States Make a Small Announcement LRE 0 4,118 12-15-2010 07:34 PM
Last Post: LRE
  LHC issues notices to AG, others in plea against sale of Pakistani assets abroad Lahore_Real_Estate 0 4,442 12-04-2010 01:13 PM
Last Post: Lahore_Real_Estate
  Dollar sets new record against rupee Lahore_Real_Estate 0 4,428 09-25-2010 12:09 PM
Last Post: Lahore_Real_Estate
  UK to tighten student visa rules to check immigration Lahore_Real_Estate 0 3,931 08-03-2010 12:43 PM
Last Post: Lahore_Real_Estate
  US treasury presented new 100 dollar bill LRE 0 3,883 04-22-2010 11:27 PM
Last Post: LRE
  Tighten your belts, Khusro Pervez tells Lahoris: Commissioner announces energy conse Lahore_Real_Estate 0 4,198 04-21-2010 11:15 AM
Last Post: Lahore_Real_Estate
  ‘Govt not buying electricity from Iran due to US pressure’ Lahore_Real_Estate 0 4,061 03-26-2010 01:14 PM
Last Post: Lahore_Real_Estate
  strength of dollar LRE 0 3,323 03-05-2010 10:35 PM
Last Post: LRE
  NRO beneficiaries transferring big sums abroad LRE 1 4,975 02-17-2010 10:19 PM
Last Post: LRE

Forum Jump:


User(s) browsing this thread: 1 Guest(s)