Foreign Assets (Declaration) Regulation, 1972
10th January, 1972
1. (1) This Regulation may be called the Foreign Assets (Declaration) Regulation, 1972.
(2) It shall apply to all citizens of Pakistan wherever they may be except :
(a) bona fide students engaged in studies or training in a foreign country; or
(b) any person employed in any capacity in a foreign country; or
(c) a wage-earner residing in a foreign country.
2. In this Regulation, “person” includes a firm, association of persons, body of individuals, whether incorporated or not, a company and any other juridicial person.
3. (1) Any person who owns any movable or immovable property, not being foreign exchange, in any country other than Pakistan shall declare on or before the 15th February, 1972, to the State Bank of Pakistan its description and value and the income derived therefrom in the manner laid down in paragraph 4.
(2) The movable properties declare under sub-paragraph (1) shall be repatriated to Pakistan on or before the 15th March, 1972, and the value of the immovable properties and the income derived therefrom so declared shall be repatriated to Pakistan on or before such date as the Federal Government may, by notification in the official Gazette, specify in this behalf, and different dates may be specified for different persons or classes of persons :
Provided that the Federal Government may exempt any person from the operation of the provisions of this sub-paragraph in respect of any immovable or movable property held by him abroad for bona fide purposes of trade of business.
(3) A bonus of forty-five per cent shall be allowed by the State Bank of Pakistan on the foreign exchange repatriated under sub-paragraph (2).
(4) The rupees equivalent of any amount repatriated under sub-paragraph (2) shall not be chargeable to any tax to which it would, but for this Regulation, have been liable.
(5) In this paragraph “movable property” includes :
(a) stocks and shares or other instruments the value of which can be expressed in term of money;
(b) Jewellery; and
(c) any articles of household or personal effects the value of which exceeds five thousand rupees.
4. (1) A declaration in respect of property under paragraph (3) shall be made in the form of a statement which shall be signed by the person making it, giving particulars of such properties and the incomes derived therefrom, if any, and shall be submitted to any of the following officers of the State Bank of Pakistan, namely :
(a) Deputy Director, Exchange Control Department, State Bank of Pakistan, Karachi.
(b) Manager, State Bank of Pakistan, Quetta.
(c) Manager, State Bank of Pakistan, Lahore.
(d) Manager, State Bank of Pakistan, Rawalpindi.
(e) Manager, State Bank of Pakistan, Faisalabad.
(f) Manager, State Bank of Pakistan, Peshawar.
(2) A statement under sub-paragraph (1) may be delivered in person or may be sent by registered most acknowledgment due.
(3) The date of handing over the statement to the officer concerned if delivered personally, or to the Postal Department for despatch if sent by registered post, shall be deemed to be the date of submission of the statement.
5. All declarations made under paragraph (3) shall be treated as confidential and no Court or other authority shall be entitled to require the production of any such declaration in any proceeding before it.
6. Any person who fails to submit a statement relating to his property under paragraph (4) or to repatriate the same or the value or income thereof as required by or under this Regulation or makes a statement which he knows to be incorrect shall be punished with transportation for life and also with confiscation either of the whole or any part of his property in Pakistan.
7. Any person who in contravention of any law for the time being in force in Pakistan acquires or attempts to acquire any movable or immovable property in a country other than Pakistan after the commencement of this Regulation shall be punished with transportation for life and also with confiscation either of the whole or any part of his property in Pakistan.
8. (1) The Federal Government may make such rules and issue such directions not inconsistent with the provisions of this Regulation as it may consider necessary for carrying out the purposes of this Regulation; and such rules or directions may provide for matters for which no provisions or sufficient provision exists in this Regulation.
(2) All rules or directions issued under sub-paragraph (1) shall upon being notified in the official Gazette, be deemed to be part of this Regulation and have effect accordingly.
9. No person shall be prosecuted for any contravention of any of the provisions of this Regulation except with the sanction of the Federal Government or an officer authorised by it in that behalf.
10. (1) Martial Law Regulation No. 35 issued by the Chief Martial Law Administrator is hereby repealed.
(2) For the evidence of doubt it is hereby declared that no prosecution shall lie against any person after the commencement of this Regulation for contravention of any of the provisions of Martial Law Regulation No. 35 repealed by sub-paragraph (1).
APPENDIX FORM “P”
Foreign Exchange Regulation Act, 1947
Portion to be retained by the State Bank
Application to effect booking of passage/s by sea or air or any other mode of conveyance on payment in Pakistan Rupees.
I/We apply for permission to book the undermentioned passage/s for journey from………………..to……………as per details given below :-
| Name of Steamship/Airline Name of Steamer/Flight number/Date of Departureor other method of Conveyance | Name of Steamer/Flight number/Date of Departure | Destination | Route | Class of passage (i.e. first class, tourist class etc.) as the case may be | Cost of Passage in Pakistan Currency |
1. (a) Full name and address of the
applicant. …………………….
(b) G.I.R. No. and Income-Tax Circle in
case the applicant is income-tax payer in
Pakistan, if not, write nil. …………………….
2. (a) Full name and Nationality of the
passenger, his Passport No. and date of
issue. …………………….
(b) Identity card number, date and place
of issue. …………………….
3. Relationship between applicant and
passenger. …………………….
4. Length of residence of passenger in
Pakistan. …………………….
5. Profession or business of passenger
within Pakistan. …………………….
6. Purpose of visit for which passage is
desired to be booked. …………………….
7. The date on which the country of
destination was visited last. …………………….
(Valid for one month from date of
approval for travel by air,
in case of travel by ship
valid for three months).
No……………..
Date…………..
M/s……………………………………………………………………….are hereby
(Name of carrier)
authorised to book the passage/s of………………………………………………
(Name/s of passenger)
of………………………….holding Passport No………….date of issue………….
(Country of domicile)
by…………………………..from………………………….to………………………..
(Method of conveyance)
in…………………………….The passage should be booked by the normal direct
(Class of Passage)
route to the destination, Cost of passage/s amounting to/not exceeding Pakistani Rupees…………..
may be collected from………………………………………………………..in Pakistani Rupees.
(Name of person/Company paying the cost of passage/s)
STATE BANK OF PAKISTAN ASSISTANT CONTROLLER
EXCHANGE CONTROL DEPARTMENT
8. Was permission of the State Bank
sought for this passage in the
past by the passenger or by the
applicant or any person on his
behalf. If so, the name of the
office of the State Bank at which
the application was made previously
and its outcome may be disclosed. …………………….
9. In case of rebated passage, certificate from the airline concerned should be enclosed indicating rent of
rebated passage facility under IATA Regulations.
10. Consideration for which the rebated passage has been granted by the airline. ……………………
11. In the case *Non-Resident passenger :
(a) How funds were obtained for
support while in Pakistan? …………………….
(b) Particulars of remittance received
from abroad. …………………….
For this purpose by the term “Non-Resident” is meant foreign nationals resident in Pakistan for less than six months.
I declare that the information furnished by me above is correct and in the event of its being not correct, I hold myself liable for such action as may be deemed fit under the Foreign Regulation Act, 1947.
……………………………… (Signature of the applicant)
FORM T-1
FOREIGN EXCHANGE REGULATION ACT, 1947
Application for Foreign Exchange for Travel
If the applicant is an income tax Name and address of Authorised
payer, please indicate : Dealer
G.I.R. No………………. Identity Card No., date and
and the Income tax Circle… place of issue…………….
If applicant is not an income tax
payer, the word `Nil’ should be
clearly stated.
I/We undersigned hereby apply to obtain Foreign Exchange as detailed hereunder for travel abroad :
| Amount Applied (state currency) | Cash or Travellers Cheques | Date proceeding | Destination | Purpose of visit |
The following members for whose benefit exchange is also applied for are accompanying me :-
| Name | Age | Relationship | Particulars of Exchange required |
I/We hereby declare that :
(1) the amount of Foreign Exchange applied for is to cover the basic exchange allowance for myself and members of my family as shown in the application or on attached sheet and who are travelling with me for the journey as described above;
(2) the amount of exchange drawn for each member of the family including self shall be used solely for the living and travelling expenses of that person in the countries for which exchange is sanctioned and that in the event of cancellation, postponement or changes in the travel programme of any of those persons, I undertake the full responsibility to resell, in compliance with the sub-section (3) of Section 4 of the Foreign Exchange Regulation Act on cancellations of (any of) the ticket(s) voucher(s) or my failure to depart as indicated above I/We shall without delay refund the exchange drawn by me/us for the journey which is not undertaken to an Authorised Dealer in Foreign Exchange in Pakistan. If the journey is not undertaken within the validity of the passage approval, I/We shall immediately apply to State Bank of Pakistan for permission to allow me/us to retain the Foreign Exchange drawn by me/us for the journey to be undertaken subsequently. Failing the receipt of such permission I/We shall resell the exchange without delay to an Authorised Dealer in Foreign Exchange in Pakistan;
(3) the exchange issued to me under this form may only be taken out by me/us on my/our departure from Pakistan and may not be sent out by post or through the medium of any other person or by any other means;
(4) on my return to Pakistan I/We shall make immediate arrangements to resell the Foreign Exchange which may be utilised to an Authorised Dealer in Foreign Exchange in Pakistan;
(5) if I/We receive any foreign exchange through any other source for defraying may/our expenses, etc., abroad, foreign exchange so obtained will be declared on return to the State Bank of Pakistan. Further I/We will surrender to an Authorised Dealer in Pakistan foreign exchange drawn from Pakistan to the extent of foreign exchange obtained abroad.
Name…………………………
(Block Letters) Address……………………… ………………………….. Signature of the applicant
………………………Phone No………………….
Passport No…………date……….Issued at……..Nationality…..
(Valid for 30 days from the date of issue)
STATE BANK OF PAKISTAN CERTIFICATE OF APPROVAL
(if required)
Approved for………………………………………………….
Approved for………………………………………………….
(State amount in figures and words)
Approval No………………… …………………………….
Signature and Seal of the
Date……………………….. State Bank of Pakistan
To be completed by an Authorised Dealer
1. We have examined the Passport/s, Pilgrim Pass/es or Emergency Certificate/s and confirm that their particulars as given overleaf are correct.
2. We have examined the ticket/s voucher/s covering the passage/s booked for the journey of the applicant (and him family if a group issue) the particulars of which are below :
| Ticket No./s | Ship of Airline | Schedule Date of Departure | Immediate Destination |
3. We have issued the following exchange under this application as approved, the particulars of which we have endorsed on the applicant’s Passport/Pilgrim Pass and (in case of group issue) on the Passport/Pilgrim passes of each person for whom exchange is issued under this application.
Amount/s issued (stating currency)
(i) (ii)
Travellers Cheques Currency Notes
…………………………… ……………………………
…………………………… ……………………………
…………………………… ……………………………
Coding of Transaction by Authorised Dealer/State Bank
Country of destination…………………….
Purpose/Category of Travel………………..
Department………………………………
Amount of Foreign Exchange drawn (in figures)
(In words)……………………………………………………………………….
I hereby certify having received the exchange issued to me as above.
……………………………. Signature of the applicant
THE SENIOR DEPUTY DIRECTOR
EXCHANGE CONTROL DEPARTMENT,
STATE BANK OF PAKISTAN, KARACHI
Dear Sir,
Please approve the enclosed P/P2 form/issue NOC for travel by Land Route via Nokundi/Wagah Check Post for my/our visit to……………………………………………………for…………………………………………………..
(Country) (Purpose)
I give below particulars of my Passport and of my family members going with me.
| Name | Profession | Place of | Passport | Place of issue of previous Passport | Date of return from last visit |
2. The name of my present/last employer in Pakistan is given below :
Name & Address……………………………………..
3. My expenses outside Pakistan will be borne by my Father/Husband/Brother/Sister/Son/Daughter whose name and address is given below :
Name and Address…………………………………….
4. I/We shall stay abroad for……………days and close form T/T-1 duly completed for the release of U.S. $……for my/our expenses abroad. I/We undertake that if my/our stay abroad is for a period less than the period for which exchange will be released, I/We will surrender the excess amount of foreign exchange to an authorised Dealer in Pakistan within a month from the date of my/our arrival in Pakistan and produce a Bank Certificate to this effect together with my/our Passport to your office for inspection.
5. I enclose photo-stat copies of the following documents :
(i) NOC of…………………………………………..
(ii) Certificate from present/last employer.
(iii) Retirement order from Government/Semi-Government Service.
(iv) Tickets/PIA/Passage order of………………..Airline/Shipping Company paid for abroad.
(v) Visa or entry Permit for Work/stay/joining/immigration.
(iv) Employment Letter/Service Agreement.
(vii)………………………………………………..
(viii) ………………………………………………
| (For official use only)
P/P2 form NOC…………………Adults………….minor for……………….Sector for Rs………………….. on……………….Airline/Shipping Company, be issued with T/T-1 for U.S. $………………………………. |
6. The name and address of my employer abroad is given below : My Employer will/will not pay me cost of passage in foreign exchange according to Service Arrangement.
7. The additional information in connection with my/our travel abroad is as under :
I declare that the information furnished above by me is true to the best of my knowledge and belief and that nothing relevant to the above information has been omitted or suppressed. I under stand that if the information found to be incorrect I shall be liable to action under the Foreign Exchange Regulation Act, 1947.
I hereby untertake to surrender my passport to the State Bank of Pakistan for inspection within a period of two weeks from the date of my return to Pakistan from abroad.
I/We have no other passport/s.
Your faithfully, (Signature/Thumb impression) Name……………………. Address…………………. ………………….
FOREIGN EXCHANGE REGULATION ACT
(VIII OF 1947)
Application to effect booking of passage/s by sea or any
other mode of conveyance on payment in Pakistan Rupees
I/We apply for permission to book the undermentioned passage/s for journey from………………..to…………
…as per details given below :
| Name of Steamship/ Airline or any method of conveyance | Designation | Countries en route to be visited | Class of Passage (i.e. first class etc., as the case may be) | Cost of passage/in Pakistan Currency |
1. (a) Full Name/nationality
and address of the
applicant. …………………….
(b) G.I.R. No. and Income-Tax Circle in
case the applicant is income-tax payer in
Pakistan, if not, write `Nil. …………………….
2. Full name and nationality of the
passenger/s passport number/s and date
of issue. …………………….
3. Relationship of the applicant with
the passenger/s. …………………….
4. Length of residence of passenger/s
while in Pakistan/abroad. …………………….
5. Profession or business of passenger/s
while in Pakistan/abroad. …………………….
6. Purpose of visit for which passage is
desired to be booked. …………………….
7. The date on which and the country
visited last. …………………….
FORM `P’ Counterfoil
(Valid for one month from date of approval)
No…………….
Date…………..
M/s………………………………………………….are authorised to book the passage/s of………………………….
(Name/s of passenger/s)
of……………holding Passport number/s……………………….date of issue……………..by………………………from…………………………
(Method of Conveyance)
to……………………………………………………………………………
(Class of Passage)
The passage should be booked by the direct route to the destination cost of passage/s amounting to not exceeding Pak. Rs………………may be collected from……………………………………………………………
(Name of person/s Company paying the cost of passage/s)
in Pakistan Rupees.
Senior Deputy Director
E.C.D., S.B.P., C.D., KARACHI.
8. Was permission of the State Bank ………………………………..
sought for this passage in the ………………………………..
past by the person on his ………………………………..
behalf? If so, the name of the ………………………………..
office of the State Bank at which …………………………………
the application was made previously ………………………………..
and its outcome may be disclosed. ………………………………..
9. In case of rebated passage,
certificate from the airline ………………………………..
concerned should be enclosed ………………………………..
indicating remit of rebated ………………………………..
passage facility under IATA ………………………………..
Regulations. ………………………………..
10. Consideration for which the rebated
passage has been granted by the airline. ………………………………..
11. In the case Non-Resident passenger:- ………………………………..
(a) How funds were obtained for
support while in Pakistan? ………………………………..
(b) Particulars of remittances
received from abroad. ………………………………..
I declare that the information furnished by me above is correct and in the event of its being not correct, I hold myself liable for such action we may be deemed fit under the Foreign Exchange Regulations.
(Signature of the applicant)
For this purpose by the term “Non-Resident” is meant Foreign Nationals, resident in Pakistan for less than six months.
THE SENIOR DEPUTY DIRECTOR
EXCHANGE CONTROL DEPARTMENT
STATE BANK OF PAKISTAN
KARACHI
Dear Sir,
Please grant NOC/approve enclosed Form P/P-2 for my/our travel abroad for………………………………….and sanction me/us U.S. Dollar……………………….for expenses abroad for which (Purpose)
Form T-1 is enclosed. Last I/We travelled abroad on……………..
Date
and return on…………………
Date
Yours faithfully,
(………………………….)
(Name)
Address…………………….. …………………………..
| (For official use only) P/P2 form NOC for………………Adults……………… Minor for……………….Sector……………………. for Rs………………..on…………………………. Airline/Shipping Company be issued within T/T-1 for |
FORM P-2
(to be submitted in duplicate)
Application to book passage for a destination outside Pakistan
against paid travel advices/tickets paid for abroad or 100%
Rebated Tickets
1. (a) Full Name and address of
the applicant. ……………………………
(b) Full Name/s of the
passenger/s. ……………………………
2. Nationality of the passenger/s
Passport number/s and date/s
of issue. …………………………….
3. G.I.R. No. and Income Tax Circle
in case the applicant is income
tax payer in Pakistan. If not
write `Nil’. ……………………………
4. Full name, address, nationality
and occupation of the person who ……………………………
has made payment for the ticket
outside Pakistan. Enclose PIA ……………………………
ticket received from abroad. In
case of 100% rebated ticket ……………………………
certificate from the Airline
concerned should be enclosed ……………………………
indicating grant of 100% rebated
passage facility under IATA ……………………………
Regulations.
5. Purpose of visit for which passage
is desired to be booked. ……………………………
6. Consideration for which payment
has been made by the present at ……………………………
4 above or the consideration for
which 100% rebated passage has ……………………………
been granted by the Airline.
7. Exact relationship of the applicant
with the payer. ……………………………
(Signature of the applicant)
(Valid for three months from the date of approval)
M/s……………………………………………………..are hereby authorised to book passage for Mr./Mrs./Miss……………to………………………..against 100% rebated ticket/tickets for abroad as mentioned above. No payment is to be accepted in Pakistan Rupees.
Approval No…………………
Dated………………………
P. Senior Deputy Director
FORM
Offering Sheet
1. Name of the party………………………………………
2. Limit sanctioned………………….Margin………………
3. Facility applied for :
Amount Previous Outstanding
(i) Letter of Credit ……. ……………………..
(ii) Forward Exchange ……. …………………….
(iii) Foreign Bills
Purchased ……. ……………………..
(iv) Guarantees ……. ……………………..
(v) Trust Receipts ……. ……………………..
(vi) Clean Packing
Credits ……. ……………………..
(vii) Advance against
imported goods ……. ……………………..
4. Goods……………………………………………………………
5. Import Licence…………………………………………………
6. Margin already at credit………………………………………
7. Margin to be obtained…………………………………………
8. Guaranteed by…………………………………………………
9. Balances in Current Account…………………………………
10. Average Balance……………………………………………..
11. Net worth…………………………………………………….
12. Customs Duty………………………………………………..
13. Country of Export…………………………………………..
14. Bills Outstanding…………………………………………….
15. Other conditions…………………………………………….
Sanctioned
………….198 Manager
(Place)
FORM
The Manager
………………………Bank Ltd.
Our Credit No……………………………
Air Mailed/Cabled……………………….. STAMP
Date……………………………………
Application and Agreement for Irrevocable Letter of Credit
We/I hereby request you to open by air mail/cable on our behalf an irrevocable credit as follows :
You will instruct your correspondent at………….to negotiate the drafts of (State Name of the Beneficiaries and full address)………………………………………………………………………………………………………………….
without recourse
…………………………………………………………………………………………………………………………….to
with recourse
there to the extent of (State amount of Credit)…………………..draft to be drawn on…………………………………………..(State terms of Drafts)……………….at……………..sight forbe (State nature of goods to be imported also quantity, if necessary) From (State Name of Port)……………………to……………….part shipment allowed/not allowed. Transhipment allowed/not allowed Drafts negotiated under this credit are to be accompanied by shipping documents satisfactory to your said correspondent and are to include beneficiary’s signed invoices in quadruplicate certifying merchandise to be of (Country of Origin)…………origin. Invoices are to include the amount of freight prepaid and may include demurrage and/or warehousing charges. On board ocean Bills of Landing showing “freight prepaid” and shipment by (steamer or Post Parcel)…………….made out to the order of or “order” and endorsed in favour of………….. Bank Limited. Through Railway Bills of Landing are unacceptable.
Insurance has been covered by us through…………………….Bills of Landing must be dated not later than…………………….Bills of Exchange must be dated and negotiated not latter than………………………….
You will engage with the drawers, endorsers, and bona fide holders or drafts drawn and in compliance with the terms of his Credit that such drafts will be duly honoured on delivery of documents as specified if presented before expiry date.
This application shall be deemed to have been accepted and this Credit deemed to have been issued when written advice thereof has been delivered to the beneficiary.
Additional conditions………………………………………………………………………………………………………..
………………………………………………………………………………………………………………………………..
We confirm that except so far as otherwise expressly stated our Letters of Credit application therein is subject to the Uniform Customs and Practice for Commercial Documentary Credits fixed by the Thirteenth Congress of the International Chamber of Commerce.
In consideration of your opening your irrevocable Credit, in the above terms and conditions the undersigned unconditionally agree as per conditions overleaf.
CONDITIONS
1. To accept or pay upon presentation all drafts drawn pursuant thereto.
2. Notwithstanding anything contained in this agreement you may on payment debit our account with all sums paid in connection with this Credit, the documents, or the goods including Commission, interest and Charges or with the whole or part of the amount of the Credits at any times if you think fit and on demand we will place you in funds to meet such debits. In the case of Credits in currencies other than Rupees you may at any time or times as you may think fit, pass any such debits in the currency of the Credit and/or in Sterling and/or in Rupees at your date(s) of exchange unless otherwise arranged. Without effecting your rights as before mentioned, we agree duly to accept and pay at maturity any Bills drawn upon us under this Credit or to provide you with funds to meet any Acceptances given by you under this Credit three days before due date or earlier if required. We will place you in funds in the currency are given, or at your option in Rupees at your selling rate of exchange for the
currency. In the event of any default, you may sell the documents, or goods before or after arrival and any deficit we will pay you on demand as aforesaid and we will indemnify you against all claims, demands, costs, charges, and expenses incurred in connection with this Credit.
3. To pay on demand your commission which shall be determined by the Bank from time to time, on the full amount of the Credit.
4. Until the payment of every indebtedness and liability absolute or contingent which now is or hereafter may become due and owing by the undersigned to you on any transactions now or hereafter had with you, including transactions under other Letters of Credit, the undersigned agree that title and ownership of all goods shipped under or in connection with the said Credit or in any way relating thereto whether or not released to the undersigned against trust or bailee receipt and/or of the proceeds of such goods and of all Bills of Landing, policies or certificates of insurance or other documents given therefor, shall be and remain with you, and the undersigned hereby give you full power and authority at your direction, by yourselves or through agents at any time, to have and take possession thereof and all policies, or certificates of insurance thereon, and proceeds of such policies and certificates, and to hold and/or collect the same or under the terms expressed below, to dispose thereof at any time and irrespective of the maturity of the drafts or acceptance under the said Credit.
5. In the absence of written instructions given by the undersigned expressly, to the contrary, the undersigned authorize you and your correspondents to receive and accept as “Bills of Lading” under the said credit, any documents issued by or on behalf of any carrier including lighterage receipt, which acknowledges receipts of goods for transportation, whether the specific provisions of such documents and the date of each such documents to be regarded as the date of Bills of Landing and/or of shipment within the terms of said Credit and the undersigned authorise you or your correspondents to accept as sufficiently evidencing “Insurance” under the said Credit either policies or certificates of such insurance.
6. The undersigned assume all risks of acts of any person using the said Credit who are hereby accepted as the agent of the undersigned, together with all responsibility for the character, kind, quality, quantity, delivery or existence of the merchandise purporting to be represented by any document and/or for any difference of character, quality, or quantity of merchandise shipped under this Credit from that expressed in any invoice accompanying any of said draft and/or for the validity, genuineness sufficiency from or correctness of any documents, even if such documents should, in fact, prove to be in any or all respect incorrect, defective, irregular, fraudulent, or forged, and/or for the time, place, manner or order on which shipment is made and/or for partial or incomplete shipment and/or the failure or omission to ship any or all of the merchandise, referred to in the Credit and/or for the character, adequacy, validity or genuineness of any insurance, or policy or certificate of Insurance or the solvency of responsibility of any Insurer or any other risk connected with insurance and/or for any delay, default, fraud, or deviation from instructions of the shipper or any one else in connection with said merchandise or the shipping or other documents, with respect thereto and/or for delay in arrival or failure to arrive either of the merchandise or of any of the said documents and/or for any breach of contract between the shippers or vendors and the undersigned hereby agree not to claim from you damages or hold you in any manner responsible for any delay, oversight or mistake or negligence on your part or on the part of you or sub-agents in issuing the Credit or in complying with any instructions of the undersigned or otherwise in relation to the application to the said credit and the undersigned will hold you harm …. less from all loss or damage in respect of any such matters and from any and all damage and loss, whatsoever suffered by you by reason of any and all action taken by you or your correspondent in good faith in furtherance of our above request due to errors, omissions, interpretations or delays in transmission or delivery of any and all messages, by mail, cable telegraph or wireless whether or not the same, be in cypher.
7. The undersigned agree to be caused to procure promptly the necessary import and export or other licences for the said merchandise and will keep them adequately covered by the policies of fire, marine and war-risk insurance in companies satisfactory to you, assigning the policies or certificate of insurance to you or making the loss adjustment, if any, payable to you, at your option.
8. And the undersigned agree to give you on demand any further or other security you may require, and further agree that any and all other funds, credit instruments, property and securities and proceeds thereof including also all collection items and proceeds thereof now or hereafter handed to you or for any purpose left in your possession by the undersigned or for their account, or at their disposal, for transit to or from you by mail or carrier, for any of the said purposes, are hereby made security for this obligation, and also for any and all other obligations, and/or liabilities absolute or contingent due or not due, which are or may at any time be owing by the undersigned to you and may be held or disposed of as you may see fit, and applied, towards payment of any and all such obligations and liabilities, all of which in the event of default by the undersigned in any part thereof or bankruptcy, insolvency, receivership or general assignment of the undersigned, shall subject to your option forthwith become due and payable and the undersigned, hereby authorize you if any obligation covered by this instrument or any other indebtedness due from the undersigned to you shall not be punctually met forthwith without further demand or notice or advertisement of any kinds, all of which are hereby expressly waived to sell or otherwise dispose of the whole or any part of the said funds, credits, instruments, property and securities, arrived and/or to arrive at any broker’s exchange or by public or private sale or otherwise, at your option, with permission to yourselves to recover from the purchases in whole or in part without accountability save for the purchase price and free from any right of redemption, which is hereby waived and released; and to apply the net proceeds thereof against any and all obligations or liabilities of the undersigned to you, however, arising.
9. The receipt by you at any time of other collateral of whatsoever nature, shall not be deemed a waiver of any of your rights, powers relating to any collateral which you may held at the time of receipt.
10. This obligation is to continue in force notwithstanding any change in membership or any partnerships of the undersigned or whether arising from the death or retirement of one or more partners or the accession of one or more new partners.
11. This Letter of Credit can be revoked or altered only with the consent of all parties interested.
12. That whenever shipments are made to Ports other than Karachi, we shall retire the bills on demand of payment.
13. The documents accepted in connection with this Credit may be those which are generally acceptable in accordance with the laws, customs and usages at the place of negotiation.
14. This will also constitute an agreement between the undersigned and your correspondent whom you may employ (as you are at liberty to do) for the purpose and in connection with the Credit agreement.
15. I/We authorise you to debit my/our account with all your charges on account of this Credit, including amendments, extension of this Credit, as well as charge levied by your overseas correspondents of Agents.
16. We forward herewith our cheque for Rs………….
Please debit my/our a/c with all commissions and expenses.
% margin Rs…………………..
Commission Rs…………………..
Postage Rs…………………..
Cable charges Rs…………………..
…………………….
Signature (Openers)
We guarantee due compliance with the terms of the above credit agreement to the bank issuing, drafts thereunder and to hold the said banks harmless from all loss or damage in respect of any matters and from any/all damage or loss or whatsoever suffered by the said banks by reason of any action taken under the above Credit agreement.
Signature (Guarantors)
Note ::-In any special document (over and above what is usually termed shipping documents) are required such as health inspection or analysis certificate or any special or unusual kind or class of insurance, such documents should always be specially mentioned and included in the application.
Liability Rs……………………………………
FORM
STAMP
Application for confirmed, Irrevocable and without Recourse
Letter of Credit under A.I.D. Arrangements
Address………………. Date………………19……
To,
……………BANK LTD.
Dear Sirs,
I/We request you to open by Airmail/Cable through…………..a Confirmed, Irrevocable and without Resource to Drawers Letter of Credit for my/our account and risk in terms of A.I.D. Purchase Authority Number……………and under Sub-Authorisation No………………………in my/our name in favour of Messrs………………………………………….. of………………………………………..available to aggregate sum of…………………………………………….. (Say…………………………………by their drafts to be drawn on me/us at sight for invoice cost of shipment purporting to be………………………….From……………………………..to…………………………………………….Partial shipment is allowed/not allowed.
Transhipment is allowed/not allowed.
2. Drafts to be accompanied by the following shipping documents unless otherwise specified ::-
(a) Signed beneficiary’s invoice in quadruplicate certifying merchandise to be of………………….Origin. Invoices are to include the amount of freight prepaid. Three copies of the Invoices to be sent with the original documents by Airmail and the remaining copy to follow with the duplicates by Sea Mail.
(b) “On Board” negotiable Clean Ocean Bills of Landing “Freight Prepaid” and shipment by Steamer/M.V. bearing flag of……..made out to the order of…………………………………………….
(Name of designated Bank)
or “To Order” and endorsed to…………………………..
Bills of Landing are to mention ::-
(Name of designated Bank)
Notify : (i)……………….
(ii)………………
(c) The Insurance is covered by me/us.
(d) Beneficiary’s certificate that correct goods have been supplied, and that at the time of loading one copy (or photostat copy) Ocean Bills of Landing (or Parcel Receipts where shipment by Post Parcel is permitted) and (ii) Supplier’s Invoice have been sent to the Controller, U.S.O.M. American Embassy, Karachi, and that the A.I.D. marking requirements as specified in Section 201.12 of A.I.D. Regulation I as revised in July, 1955 have been complied with.
(e) Any other documents required by A.I.D. Washington, under the relative Purchase Authority to be called for by the designated U.S.A. Bank in addition to the documents mentioned above.
3. (a) Bill of Landing should be dated not later than……………………………………………………………
(b) Bill of Exchange should be dated and negotiated not later than………………………………………….
4. Drafts should be enfaced as required by the designated Pakistan Bank and should bear the clause “Payable at the rate of exchange specified by the State Bank of Pakistan.”
5. The above documents are to be surrendered to me/us against payment.
6. All Bank charges are for my/our account.
7. I/We confirm that the agents used by…………………….for this purpose will be deemed as my/our agents.
(Name of designated Bank)
8. I/We also confirm that the rules, regulations and directions as issued and/or laid down by the A.I.D. the State Bank of Pakistan, the Chief Controller of Imports and Exports, Government of Pakistan and applicable to such imports under the A.I.D. Programme have been and will be duly complied with by me/us.
9. The import of these goods is permitted under the Purchase Authority Sub-Authorisation Numbers referred to above which should be indicated in all documents.
The…………………………..and…………………………..
(Designated Pakistan Bank)
(Designated United States Bank)
are mentioned as designated Banks in the Sub-Authorisation.
10. (a) U.S. Public Law Serial No……………………….
(b) Contracting Period. From………………………
……….ending…………………………………..
(c) Delivery Period. From………………………..
…………..ending…………………………………
(d) (i) Amounts Sub-Authorisation U.S. dollars…………..
(ii) Rupee equivalent………………………………
(e) Basis of delivery (F.O.B./F.A.S./C. and F.)
(f) Special instructions, if any.
11. In consideration of the opening of the above Credit, I/We hereby undertake to accept and pay in due course all drafts drawn within the terms thereof and/or to take up and pay for all documents negotiated thereunder, on presentation.
The transmissions under the above Credit and the forwarding of documents are entirely at my/our risk. You are not to incur any liability beyond seeing that the drafts and documents purport to comply with the terms and conditions of this credit.
Yours faithfully,
N.B.:-All alterations and additions to this application are to be initialled by the applicant
FORM
Letter of Credit Advice
………………..Bank Limited
To…………………………… Our Credit No……………..
………………………… Place…………………….
………………………… Date……………………..
OUR CONFIRMED IRREVOCABLE LETTER OF
CREDIT No………….(which please quote)
This is in confirmation of our cable dated……………………………………………….
At the request of Messrs……………………………..we have opened an Irrevocable Credit without recourse, in favour of…………………………………………………………..available to the aggregate sum of……………………………….say………………………………………………………….at………………….sight for………………………..invoice cost of shipment purporting to be……………………………………………… from……………………..to……………….Partial Shipment……………………………………………..
Drafts are to be accompanied by the following shipping documents:
(a) Signed beneficiary’s invoice in sextuplicate certifying merchandise to be of………………origin Invoices should show the amount of freight pre-paid. Five copies of the invoices to be sent with the original documents by Airmail and the remaining copy to follow with the duplicates by sea mail.
(b) “On Board” negotiable Ocean Bills of Landing showing “Freight prepaid,” and shipment by………………………………made out to the order of…………….Bank Ltd., or “To Order” and endorsed to……………Bank Ltd. All negotiable copies are required. Through Railway Bills of Landing are unacceptable. Bill of Lading must bear the mention ::-
Notify………………………………………….
(c) Insurance has been covered in Pakistan under Open Cover Note/Policy No……………………………. dated………………..of Messrs…………………………………………….
Full details of all shipments/despatch under this credit must be advised by the beneficiary immediately after shipment/despatch credit to…………………………………………………………..by registered post; copy to buyers by ordinary airmail giving reference to Cover/Policy No…………………dated……………………..and quoting this L/C No. A copy of this advice alongwith their certificate to the effect that the required letter was actually despatched as soon as possible after shipment to accompany each set of documents.
Bills of Lading must be dated not later than…………………negotiated not later than………………………. …………………………..Additional conditions………………………………………………………………………
…………………………………………………………………………………………………………………………..
Drafts should be enfaced, “Drawn under………………….Bank Limited Letter of Credit No……………………Payable at their selling rate of exchange at Karachi with interest at……..per cent per annum from date hereof to approximate date of arrival of Cover in……………………………………………. “Negotiate drafts for face amount Reimburse yourselves to the debit of our Pakistan Account with……………………………………………………………………………………………………………………..
We engage with the drawers’ endorsers and bona fide holders of drafts drawn under and in compliance with the terms of this credit that such drafts will be duly honoured on delivery of documents as specified is presented before expiry date.
Advice beneficiary. Forward drafts and all documents negotiated direct to us. Original by Air Mail and Duplicate by Sea Mail.
This credit shall be deemed to have been issued when advice thereof has been delivered to the beneficiary. Bills negotiated must be marked off on the back of the advice at the time of negotiation.
(TO BE USED FOR RE-IMBURSEMENT CREDITS)
Please reimburse as per standing arrangements by drawing on……against a duplicate set of each document required under credit herein with the following certificate :
“All terms of…………….Bank Limited…………….Letter of Credit No………………….dated…………………have beencomplied with and all remaining documents have been sent by us to the……………..Bank Limited.
Please send the original sets of documents direct to us except one duplicate set which is to be sent to the above-named Reimbursing Bank.
For………………………….Bank Limited
Accountant Manager
SUMS DRAWN UNDER THE WITHIN CREDIT
| Date | Amount in words | By whom Negotiated |
LETTER OF CREDIT ADVICE
(In case of Air/Postal Shipment)
……………..Bank Limited
To……………………….
……………………. Place ……………………
……………………. Date ……………………
Dear Sir,
OUR CONFIRMED IRREVOCABLE LETTER OF
CREDIT No………(which please quote)
This is in confirmation of our cable dated………………….
At the request of Messrs…………………………………..we have opened an Irrevocable Credit without recourse, in favour of…………………………………………………………..available to the aggregate sum of……………………………….say………………………………………………………….at……………….sight for……………………………invoicecost of shipment by Air Freight/Post Parcels purporting to be ……..
Drafts are to be accompanied by the following documents unless otherwise specified :-
(a) Signed beneficiary’s invoice in sextuplicate certifying merchandise to be of…………..origin and stating the particulars and cost of goods. Invoices are to include the amount of postage/Air freight if prepaid. Five copies of the invoices to be sent with original documents by Airmail and the remaining copy to be sent with the duplicates by sea mail by the negotiating bank. Where the invoices relate to goods by parcel post they must give the following information.
Parcel No., Sender’s Name, Post Office address and date, particulars of contents and private marks.
(b) Air consignment Notes marked Freight paid/To collect evidencing despatch by Air freight to………BANK LIMITED…………..indicating our L/C No……………………and marked.
Notify…………………………….Postal Receipts marked “Postage paid” evidencing despatch by Post Parcel to …………………..BANK LIMITED……………………..including our L/C No…………..which number must also appear on parcels.
(c) The insurance has been covered by the importers in Pakistan. Please advise………………..by registered Airmail the full particulars of despatch (i.e., name of the Foreign port/Post Office, date of despatch, value and quantity of goods, number and marks of the Packages, etc.) soon after delivery of the goods to the Air Company/Post Office, but before the flight of the carrying plane/despatch of the parcels quoting our Credit Number and Insurance Cover/Open Policy No……………………..of…………………… A copy of your letter along with your certificate despatched soon after delivery of the goods to the Air Company/Post Office but before flight of the carrying plane/despatch of the parcels is to be attached with the shipping documents at the time of negotiation.
Additional conditions ……………………………………………………………………………………….
Air Consignment Notes/Post Parcel Receipts must be dated not later than………………………….
Bills of Exchange must be dated and negotiated not later than………………………………………
Drafts should be enfaced, “Drawn under…………..BANK LIMITED Letter of Credit No………….Payable at their selling rate of exchange at Karachi with interest at………..per cent per annum for date hereof to approximate date of arrival of Cover in…………..”Negotiate drafts for face amount Reimburse yourselves to the debit of our Pakistan Account with…………………
We engaged with the drawers endorsers and bona fide holders of drafts drawn under and in compliance with the terms of this credit that such drafts will be duly honoured on delivery of documents as specified if presented before expiry date.
Advice beneficiary. Forward drafts and all documents negotiated direct to us. Original by Air Mail and Duplicate by Sea Mail.
This credit shall be deemed to have been issued when advice thereof has been delivered to the beneficiary. Bills negotiated must be marked off on the back of the advice at the time of negotiation.
TO BE USED FOR RE-IMBURSEMENT CREDITS
Please reimburse as per standing arrangements by drawing on…… against a duplicate set of each document required under credit herein with the following certificate :
“All terms of………………Bank Limited…………..Letter of Credit No………..dated……………have been complied with and all remaining documents have been sent by us to the………….Bank Limited.
Please send the original sets of documents direct to use except one duplicate set which is to be sent to the above-named Reimbursing Bank.
For……………..Bank Limited
Accountant Manager
SUMS DRAWN UNDER THE WITHIN CREDIT
| Date | Amount in words | By whom negotiated |
FORM
ADVICE TO IMPORTER AT THE TIME OF LODGEMENT
To,
…………….BANK LIMITED
Date
Place
Received from
L/C No.
Our B.R. No. Foreign Currency
Drawers
Due Date
Dear Sirs,
The above bill has been received by us. Kindly effect payment as soon as possible. The necessary I.M.P. Form is enclosed which please return to us duly completed and signed along with your remittance.
Please note that overdue interest will be charged @………….% if not paid within three days.
Name of Steamer
Import Licence No.
I.M.P. Form No. Accountant
FORM
CUSTOMER DEBIT ADVICE
…………..BANK LTD.
To,
Place……………….
Date………………..
Our B.R. No.
Memo of Bill Paid
Received from…………….
Drawers………………….
Foreign Currency………….
L/C No…………………..
Name of Steamer…………..
Import Licence No…………
I.M.P. Form No……………
Accountant
FORM
REMINDER TO IMPORTER FOR SUBMISSION OF IMP. FORM
…………………….BANK LIMITED
Please Quote Ref.
Dear Sirs,
Bill for
Paid on
With reference to the above item, we have to advise that the last date for submission of the Customs Certified invoice/
Exchange Control Copy of the Bill of Entry to the State Bank of Pakistan was………..
We shall be pleased if you will kindly forward to us, without any further delay, the requisite document for onward
transmission to the State Bank of Pakistan.
Kindly give this matter your immediate attention as the Exchange Control Authorities are pressing us for the
aforesaid document.
Your faithfully,
Pro. Manager
FORM Q.A. 22
Form of undertaking to be furnished by foreign nationals resident
in Pakistan and companies and firms whose head offices are
outside Pakistan for maintaining Bank account
To,
The Manager/Agent,
(Name of Bank)
Dear Sir,
I/We hereby certify that the credits paid into my/our account with your bank relate normally to my/our trading business in Pakistan only and consist of the following :
(here state the principal sources form which rupee payments into the account are derived, e.g., payments received for goods sold, stating general nature of goods).
In consideration of the State Bank of Pakistan agreeing to dispense with my/our completing Form A-7 in respect of every credit to my/our account, other than from non-resident account, I/We undertake that I/We will not make available to any persons or firms in Pakistan any foreign currency which may be at my/our disposal, against reimbursement in rupees, without first having obtained the permission of the State Bank of Pakistan (through an Authorised Dealer) by completing Form A-7 in respect of the rupee payment to my/our account.
I/We further agree to complete Form A-7 in respect of any payments into the account which may not be directly connected with my/our trading activities in Pakistan, or which represent remittances received from overseas.
Your faithfully,
(Signature of applicant)
Date…………………….
Full Name of applicant………………………………………… Nationality……………………….Passport No……………….. dated…………………………..issued by…………………… Occupation…………………………………………………… Address……………………………………………………… Date of arrival in Pakistan…………………………………….
We certify that to the best of our knowledge and belief the information given above is correct.
Stamp and Signature of Authorised Dealer
Dated…………………
Note ::- This form should be completed in duplicate and submitted to the A.D. with whom the account is desired to be opened.
FORM A-7
FOREIGN EXCHANGE REGULATION ACT, 1947
Application to Transfer Pakistan Rupees From/To a Private
Non-resident Account held in Pakistan
Note ::- (1) this form should be used only when payment is made in Pakistan Rupees to or from an account in the name of a person of firm other than a bank resident outside Pakistan.
(2) This form should be completed in duplicate when the transfer is from one non-resident account to another.
I/We the undersigned apply for permission to transfer/pay Rs……………………….say………………………………
(in figures) (in words)
from/to the account of………………………………………… (name and address of transferor/transferee or full title of account debited/credited stating the country of residence and name of bank with whom account is kept) to/from………………………………………………………(name and address of transferee/transferor or full title of account credited/debited stating country of residence and name of bank with whom account is kept.) for the purpose stated below :
I/We declare that the statements on this form are true, that the transfer is solely for the purpose specified above and that this purpose is no way contravenes the provisions of the Foreign Exchange Regulation Act, 1947.
Name of applicant………………………… ……………….. Stamp & Signature(s)
of applicant
Address………………………………….
Date…………..
We hereby certify that the statement overleaf are to the best of our knowledge correct and that we have seen documentary evidence in support thereof and allowed transfer in terms of para. 8 of Chapter VIII of the Exchange Control Manual/apply for permission of the State Bank to effect the transfer.
Date…………………… Stamp and Signature
of the Authorised Dealer
Space for use by the State Bank of Pakistan
State Bank of Pakistan,
Exchange Control Department,
Date…………………… Deputy/Assistant Director
Note :- The approval of the State Bank of Pakistan will remain valid for one month from the date of approval.
FORM `M’
(Miscellaneous purposes)
FOREIGN EXCHANGE REGULATION ACT, 1947
Application for permission under Section 4 and 5 of the
Foreign Exchange Regulation Act to purchase foreign
exchange for the purpose specified below
If the applicant is income tax payer, Name and address of
Please indicate : Authorised Dealer………….
G.I.R. No……………………. Identity Card No., dated and
and the Income Tax Circle……… place of issue…………….
If the applicant/remitter is not an If the applicant/remitter is a
income tax payer, the word `Nil’ corporate body, the word `Nil’
should be clearly stated. should be clearly stated.
I/We undersigned hereby apply to obtain the following foreign exchange to make payment for the purpose as described below. I/We hereby declare that :
1. The above the payment is due to be made by me/us and I/We have not already obtained exchange nor have I/We made any ther application for this purpose.
2. I/We assume full responsibility for complying with the provision of Foreign Exchange Act, 1947 and rules, orders and directions issued thereunder.
3. During the current calendar year I have not remitted so far any sum in excess of Rs……………….including the amount now applied for on account of :
*(i) Membership Fee of Institutions
*(ii) Examination Fee
*(iii) Membership Fee of Social Clubs
(*Delete where not applicable)
Amount Purpose Name and address of beneficiary
(sale currency)
Amount in words……………………………………………
Name (Block Letters)…………………………………………..
Address………………………………………………………
Phone No……………………..Nationality…………………….
Signature of the applicant
(Valid for 30 days from the date of approval)
STATE BANK OF PAKISTAN CERTIFICATE OF APPROVAL
(if required)
Approved for………………………………………………
(State amount in figures and words)
Approval No……………………………………………….
………………………..
Date……………. Signature and Seal of
State Bank of Pakistan
(To be completed by an Authorised Dealer)
1. We hereby certify that the statements given above are to the best of our knowledge and belief correct and that we have seen documentary evidence in support hereof, viz. :
……………………………………………………..
……………………………………………………..
2. We have effected the remittance of (state foreign currency)…………………………………………by TT/MT/Draft in terms of F.E. Circular/Exchange Control Manual Para No……..dated……………….or as per above approval of State Bank on form `M’.
Signature & Stamp of Authorised Dealer
CODING OF TRANSACTION BY AUTHORISED
DEALER/STATE BANK
Country receiving this payment………………………………….
Purpose for which exchange is required…………………………..
Department……………………………………………………
Amount of Foreign
Exchange (in figures)
(In words)…………………………………………..
…………………………
Signature & Stamp of State Bank/
Authorised Dealer
FOREIGN EXCHANGE REGULATION ACT, 1947
Form of application for the transfer of funds by Pakistan
Nationals wishing to migrate permanently from Pakistan
To,
The State Bank of Pakistan,
Exchange Control Department,
……………………….
Through :………………………………………………..
(Authorised Dealer in Foreign Exchange)
Dear Sirs,
I hereby apply for grant of passage and exchange facility for migration to………….I am proceeding with the following dependents
(Name of country)
who are accompanying me with the intention to reside permanently in that country :
Sl. No. Name Age Relationship with the applicant
I confirm that I am a citizen of Pakistan and that I hold passport No…………issued by the Government of Pakistan, dated…………which is submitted herewith alongwith form P/P2 and `M’/T-1.
I declare that authorities in the country to which I propose to migrate are prepared to admit me and my dependents as immigrants. As a proof of the correctness of this statement I submit herewith following evidence :
The names of my bankers in Pakistan are as follows :………………
The names of my bankers abroad (if any) are as follows :…………..
I have completed the declaration on the reverse as required jointly with the dependents accompanying me (other than minors).
Your faithfully,
Name of applicant…………………………….
Full residential address in Pakistan……………
Occupation………………………………….. ……………
applicant
Date………..
DECLARATION TO BE SIGNED BY THE APPLICANT AND
ACCOMPANYING DEPENDENTS (OTHER THAN MINORS)
(a) I/We declare that I/we intend to reside permanently in the country of destination as stated on the reverse.
(b) The following is a true and complete statement of my/our assets (whether in Rupees or in any other Foreign Currency) belonging to me/us, whether held inside or outside Pakistan (where none write `None’ in the appropriate Section/s) :
1. Bank balance(s) with …………………………
2. Pakistan Rupee shares and …………………………
securities including National …………………………
Savings Certificates, Defence …………………………
Savings Certificates, NIT …………………………
Units, etc. …………………………
3. Foreign securities. …………………………
4. Insurance policies of …………………………
annuities (State the …………………………
averages amount, name of the …………………………
company, the date when the …………………………
policy was taken out, and when …………………………
benefits are payable). …………………………
5. Other assets (e.g., real …………………………
estate, pension, provident …………………………
fund, etc.) …………………………
6. Value of household effects …………………………
to be taken. Rs……………………….
7. Value of person belongings …………………………
to be taken. Rs……………………….
…………………………
…………………………
…………………………
…………………………
Signatures of applicant and
of all dependents accompanying
him (other than minors).
Date……………………..
List of documents to be submitted in support of the application
for transfer of capital assets/savings of Foreign Nationals
retiring permanently from Pakistan
1. A certificate from the employer showing :
(i) Net salary and allowances for each year.
(ii) Provident Fund and leave salary paid on retirement.
(iii) Bonus and other gratuitous payments for each year.
(iv) Whether the cost of passage for self and family is being paid by the employer.
In case where the period of stay exceeds 10 years, the employer’s certificate should cover the period of last 10 years. Similarly certificate for an earlier period than 10 years may be called for by the State Bank in certain cases, after scrutiny, if necessary. A certified true copy of the service contract approved by the Investment Promotion Bureau/Government/Semi-Government Department should be produced in support of the above.
When any of the above payments are not covered by the relative service contract, a certified copy of the resolution of the Board of Directors of the company/special sanction of the Government/Semi-Government Department concerned should be submitted.
In case of persons employed in the private sector, certified true copies of the relative permission letters for employment issued by the Investment Promotion Bureau should be attached. Persons employed with the Government/Semi-Government Departments, should produce from their Departments authorisation letter for charging the amount of net remittable savings to their respective foreign exchange allocation.
2. In the case of self-employed persons carrying on business/profession in Pakistan, final income tax assessment order and form should be produced in lieu of the above documents alongwith certified true copy of the permission letter of the Investment Promotion Bureau.
3. Bank’s encashment certificate evidencing receipt of funds if any from abroad.
4. Statement of sale proceeds realised in respect of locally purchased articles of the value of Rs. 500/- or more showing :
(a) Description. (b) Purchase price.
(c) Date of Purchase. (d) Date of sale.
(e) Sale proceeds realised.
Relative sale receipts of their certificate true copies should be produced.
5. A statement of sale proceeds realised in respect of articles imported/brought from abroad of the value of Rs. 1,000/- or more showing :-
(a) Description. (b) Landed cost in Pakistan.
(c) Date of their import. (d) Date of their sale.
(e) Sale proceeds realised.
Relative import documents or Form `A’ and relative sale receipts or their certified true copies should be produced.
6. An authorised Dealer’s certificate in regard to the applicant’s investment in N.I.T. and other Government Securities made for availing of income tax relief showing also the amount realised from the sale proceeds and income accrued on the investments.
7. Bank’s certificate showing ::-
(a) Total amount of remittances made on account of family maintenance.
(b) Total amount of remittances made on account of leave salary.
In case where the period of stay exceeds 10 years, the bank’s certificate should cover the period of last 10 years. Where necessary the State Bank may ask for a certificate to cover earlier period also.
8. A statement of Bank account for the last two years prior to the date of the application with explanation of credit entries of Rs. 500/- or more excepting those relating to payment of the monthly pay and allowances.
9. Application for transfer of actuarial reserve and relative insurance record in respect of insurance policy, if any, is required to be submitted to the State Bank through the insurance company concerned.
FORM “T”D
FOREIGN EXCHANGE REGULATION ACT, 1947
Application for SPECIAL ALLOTMENT OF exchange for the purpose of travelling outside Pakistan for business reasons
1. In applying for the facilities set out in Para. 3 Below I…………………do hereby declare that the journey to which
(Full name of applicant)
this application relates is to be made solely for the purpose described in para. 2 below and that the length of time I propose to remain abroad is the minimum necessary for that purpose and I acknowledge that I have been notified that the following conditions, will, pursuant to Section 4 (3) of the Foreign Exchange Regulation Act, 1947, apply to the use of any foreign exchange for which I now make application ::-
(i) That such foreign exchange shall not be expended for purposes other than the cost of my own living expenses, entertainment for business purposes, and normal transport in the countries to be visited.
(ii) That on my return to Pakistan I will make immediate arrangements with the authorised dealer through whom I obtain the foreign exchange for the release of the foreign exchange which maybe unutilised.
(iii) That I further declare hereunder ::-
(a) I have not drawn any exchange through any other office of the State Bank for this journey.
(b) I have not drawn any exchange in connection with the business of any other sister concern which I am associated financially or otherwise in respect of this journey.
(c) I and other representative of the firm have made the following business visits abroad during the last one year.
Date Name of the Amount of Countries visited
representative exchange drawn
(d) The firm or the Company has its principal office at…………….and corresponds with the State Bank of Pakistan Office at……………….only for the purpose of exchange control matters.
2. PURPOSE OF JOURNEY : (PLEASE READ CAREFULLY THE NOTE BELOW)
(a) Please give below a precise description of the purpose of the journey, including full details of the business to be transacted indicating the centres to be visited and the time to be spent at each centre. In addition should a previous application have been approved in respect of the same journey, the reasons for the prolongation of the journey should be stated and reference to the previous application and sanction should be quoted.
(b) If the object of the journey is to arrange imports, the value thereof should not in any case, be less than Rs. 0.5 million. In support of the request either a valid import licence or orders for supply of capital goods placed by a Government/Semi-Government Agency including Autonomous Corporation/Taken Over Industry should be produced. Where import is being financed by a loan giving agency in Pakistan or import is being made under PAYE Scheme, a letter from the loan giving agency confirming sanction of the loan of IPB’s approval letter, as the case may be, should be attached.
(c) If the object of the journey is to establish contracts with foreign exporters for obtaining agencies, a statement showing total commission earned in foreign exchange during the preceding calendar year or the year immediately preceding the month of application, duly certified by the applicant’s bankers, should be attached.
(d) If the object of the journey is to expand exports, a statement showing total value of exports and value realised during the preceding calendar year, duly certified by the bankers of the applicant, should be produced. In case there are any over-dues against the exporter, value thereof and the reasons for non-repatriation and the period which which it is expected to be realised should be indicated therein.
(e) If the visit is connected with the setting up of a new industrial understanding the permission of the same from the Federal/Provincial Government may be submitted.
(f) In all cases names and addresses of parties in foreign countries whom the applicant intends to contact should be stated. Correspondence with such parties relevant to this application must be attached for examination.
(g) Confidential report of the bankers on the financial means and status of the applicant should be enclosed.
3. PERIOD OF STAY (specify exactly) :
COUNTRY No. of days. Exchange required.
……………… ………………… ………………..
……………… ………………… ………………..
……………… ………………… ………………..
……………… ………………… ………………..
Name of Applicant……………………………………………..
(In block letters)
Complete address………………………………………………
Designation and Technical Qualifications…………………………
Passport No. with date and place of issue………………………..
Approximate date of departure………….and return………………
Date……………… …………………………….
(Signature of applicant (Traveller)
4. Declaration to be signed on behalf of the firm or company whom the traveller is representing by person/s authorised to sign on their banking account or by persons specially authorised to sign these applications on their behalf.
We………………………..hereby declare that the journey to
(Name of Firm and Company)
which this application relates is being undertaken on our behalf and the total cost is being charged to us.
Date………….. ……………………………………..
(Stamp and Signature(s) of the Firm/Company)
CERTIFIED OF THE AUTHORISED DEALER
5. To the best of our knowledge and belief the statements made on this applicant regarding the purpose and the duration of the journey to be undertaken and declaration of the firm or company sponsoring the journey are true.
Date……………… …………………………
(Stamp and Signature of the
Authorised Dealer)
NO OBJECTION CERTIFICATE
STATE BANK OF PAKISTAN
EXCHANGE CONTROL DEPARTMENT
Sl. No……….. Date…………….
The Office of the CCI & E,
Dear Sirs,
THROUGH………………………..
(Name of the A.D.)
Issue of Replacement Licence A/C. M/S…………….
After having examined the necessary documents relating to goods lost or damaged in transit, imported by M/s……………………..against Import Licence/Sub-Authorisation No……….dated………..we have no objection to your issuing a Replacement Licence for Import of……………..for Rs………………(Rupees…………..only).
(description of goods)
2. A copy of the Replacement Licence when issued may also please be forwarded to us.
Yours faithfully,
Account/Deputy/Senior Deputy Director
NOTIFICATIONS
EXPORT OF CHEQUES, DRAFTS, FOREIGN EXCHANGE, ETC.
Noti. No. F.E. 17/48-SB, dated the 1st July, 1948 : In pursuance of sub-section (2) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the State Bank of Pakistan is pleased to permit :
(a) Authorised Dealers to send out of the Provinces of Pakistan, cheques, drafts or bills of exchange which have been acquired in the normal course of their business and within the terms of their authorisation.
(b) Any person to take or send out of the Provinces to States which have acceded or accede to Pakistan Foreign Exchange without limit.
(c) Any person maintaining an account in accordance with the provisions of the Notification of the State Bank of Pakistan No. F.E. 56/53-SB, dated the 7th May, 1953 to take or send out of the Provinces and the Capital of the Federation cheques or drafts drawn on such account.
EXPORT OF FOREIGN EXCHANGE
Noti. No. F.E. 38/50-SB, dated the 23rd October, 1950 : In pursuance of sub-section (2) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the State Bank of Pakistan is pleased to permit :
(i) any person to take out of the Provinces and the Capital of the Federation with firm foreign exchange issued to him by an Authorised Dealer in Pakistan and endorsed on his passport;
(ii) any person, other than a person to whom foreign exchange is issued for travelling purposes only, to send out of the Provinces and the Capital of the Federation foreign exchange issued to him by an Authorised Dealer for any purpose other than travelling.
IMPORT OF CURRENCY NOTES
Noti. No. F.E. 1/78-SB, dated the 11th May, 1978 : In pursuance of the Notification o the Central Government No. F. 1 (8)-EF/49, dated the 2nd May, 1949, and in supersession of the State Bank of Pakistan Notification No. F.E. 3/60-SB, dated the 27th August, 1960, the State Bank of Pakistan is pleased to permit any person to bring into Pakistan from any place outside Pakistan without limit any currency notes or bank notes other than :
(1) Unissued notes, and
(2) Notes legal tender in Pakistan :
Provided that he shall, if so required by the customs authorities at the time of his arrival, make a declaration in the form prescribed by the State Bank of Pakistan in this behalf of the total amount of notes brought in.
Noti. No. S.R.O. 1016(I)/79 dated the 17th October, 1979 : In exercise of the powers conferred by Section 9 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in supresession of Ministry of Finance Notification No. 1 (8) EF/58, dated the 20th August, 1958 the Federal Government is pleased to order that every citizen of Pakistan in Pakistan and every other person residing continuously for six months or more in Pakistan who owns or holds or who may hereafter become the owner or holder of any foreign exchange whether held in Pakistan or abroad expressed in the currency of any country or territory, excepting the country of territory specified in the Schedule appended hereto, shall before the expiration of three months from the date of this notification or, in the case of a person hereafter becoming such owner or holder, within three months of his so becoming offer such foreign exchange or cause it to be offered for sale to an authorised dealer, being a person authorised by the State
Bank of Pakistan for the purpose, against payment in Pakistan currency at the rate for the time being authorised by the State Bank of Pakistan in pursuance of sub-section (2) of Section 4 of the said Act for the conversion into Pakistan currency of the foreign currency in which such foreign exchange is expressed :
Provided that this order shall not apply to foreign exchange held by authorised dealers within the scope of their authority or to any person authorised under any permission, general or otherwise, granted by the State Bank of Pakistan to hold the foreign exchange :
Provided further that a citizen of Pakistan not ordinarily resident in Pakistan who comes to Pakistan from abroad may retain with him the foreign exchange brought by him to Pakistan for a period of one year from the date of arrival.
2. The provisions of this notification shall not apply to the following cases, namely ::-
(i) Foreign exchange held abroad by foreign diplomats and foreign nationals employed in Embassies and Missions of foreign countries in Pakistan.
(ii) Foreign exchange held abroad by foreign nationals or foreign business houses, except to the extent that it represents their earnings abroad in respect of business conducted in Pakistan or service rendered while in Pakistan.
(iii) Foreign exchange held abroad in any country other than Afghanistan, Bangladesh, India and Israel by residents in Pakistan provided the amount does not exceed in the aggregate U.S. $ 500 or equivalent thereof in other currencies.
Explanation : “Resident in Pakistan” includes foreign nationals residing continuously in Pakistan for six months or more, but does not include citizens of Pakistan in foreign countries during the period of their stay outside Pakistan.
SCHEDULE 1 : Afghanistan.
Notification No. 6461/EF/EXP/80, dated 22nd December, 1980 : In exercise of the powers conferred by sub-section (2) of Section 9 of the Foreign Exchange Regulation Act, 1947 (VII of 1947) and in continuation of this Ministry’s Notification No. 401/FE/EXP/80, dated 23rd February, 1980, the Federal Government is pleased to direct that the power to make an order under the said sub-section shall be exercised by the State Bank of Pakistan until the 31st day of December, 1981.
EXPORT BY POST
Notification No. 1(7)-ECS/48, dated the 1st July, 1948 : In exercise of the powers conferred by sub-section (1) of Section 12 of the Foreign Exchange Regulation Act, 1947 (VII of 1947) the Central Government is pleased to prohibit the export by post of any goods either directly or indirectly to any place outside Pakistan other than any of the countries or territories in the schedule appended hereto unless a declaration, in a form prescribed by the State Bank of Pakistan, for the purpose, is furnished by the exporter to the Postal Authorities at the time of despatch that an amount representing the full export value of the goods has been will be disposed of in a manner and within a period specified by the State Bank of Pakistan :
Provided that this prohibition shall not apply :
(1) Where the postal packet is covered by a certificate issued by the State Bank of Pakistan or by an authorised dealer that the export of the parcel does not involve any transaction in foreign exchange;
(2) Where the postal packet is accompanied by a declaration by the sender that the contents of the parcel are less than Rs. 50 in value and that the despatch of the parcel does not involve any transaction in foreign exchange; and
(3) Where the parcels are despatched either under the orders of the Central Government or of the Military, Navel or Air Force authorities in Pakistan accompanied by a certificate to the effect that parcel does not involve any transaction in foreign exchange, signed by a Gazette Officer or by any person entitled to use service postage stamps, which should be pasted on the outer cover of the parcel.
(4) Where the postal packet or parcel consists of goods included in Open General Licence No. 7, published with the late Ministry of Commerce and Education (Commerce Division) Notification No. 335/460/42, dated 22nd October, 1952 as modified from time to time, or such other Export Open General Licence as may be in force for the time being, and exporter to Iran by land; and
(5) Goods processed or manufactured or processed and manufactured in and exported from Export Processing Zones established under the Export Processing Zones Authority Ordinance, 1980 (IV of 1980).
SCHEDULE 1 : Afghanistan.
Notification No. 1(6)-ECS/48, dated the 1st July, 1948 : In exercise of the powers conferred by sub-section (1) of Section 12 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the Central Government is pleased to prohibit the export otherwise than by post of any goods either directly or indirectly to any place outside Pakistan other than any of the countries or territories in the Schedule appended hereto unless a declaration is furnished by the exporter, in a manner prescribed in this behalf by the State Bank of Pakistan, to the Collector of Customs or to such other person as the State bank of Pakistan may specify, that an amount representing the full export value of the goods has been or will be disposed of in a manner and within a period specified by the State Bank of Pakistan :
Provided that this prohibition shall not apply to the export of :
(1) Bona fide trade samples :
(2) Personal effects, whether accompanied or unaccompanied, of travellers;
(3) Ships stores and transhipment cargo;
(4) Goods shipped under the order of the Federal Government or of such officers as may be appointed by the Central Government in this behalf or of the Military, Navel or Air Force authorities in Pakistan for the Military, Naval, or Air Force requirements;
(5) Goods included in Open General Licence No. 7 published with the late Ministry of Commerce and Education (Commerce Division) Notification No. 335/460/42, dated 22nd October, 1952, as modified from time to time, or such other Export Open General Licence as may be in force for the time being and exported to Iran by land;
(6) Gift packets where they are accompanied by a declaration by the sender that the contents of the packet are less than Rs. 50 in value and that the despatch of the packet does not involve any transaction in foreign exchange; and
(7) Goods processed or manufactured or processed and manufactured in the exported from Export Processing Zones established under the Export Processing Zones Authorities Ordinance, 1980 (IV of 1980).
SCHEDULE 1 : Afghanistan.
Notification No. S.R.O. 390, dated the 4th May, 1981 : In exercise of the powers conferred by sub-section (2) of Section 23 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the Federal Government is pleased to declare the period ending the 30th June, 1982, to be the period for which all offences punishable under the said Section 23 shall be cognizable and non-bailable.
Import of Gold and Silver:-Notification No. 1(2)-ECS/48, dated 1st July, 1948 : In exercise of the powers conferred by sub-section (1) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947) and in supersession of the Notification of the Government of India in the Finance Department No. 12(II)-G1/47, dated the 25th March, 1947, the Federal Government is pleased to direct that except with the general or special permission of the State Bank of Pakistan, no person shall bring or send into the Provinces of Pakistan from any place outside Pakistan :
(a) any gold coin, gold bullion, gold sheets or gold ingot whether refined or not;
(b) any silver bullion, any silver sheets or plates which have undergone no process of manufacture subsequent to rolling, or any uncurrent silver coin;
(c) any coin which is legal tender in India.
Issue of bearer security of coupon:-Notification No. F 1(1)-EF/49, dated 9th April, 1949 : In exercise of the powers conferred by Section 15 of the Foreign Exchange Regulation Act, 1927 (VII of 1947), the Federal Government is pleased to order that, except with the general or special permission of the State Bank of Pakistan, no person shall, in the Provinces of Pakistan, issue any bearer security or coupon or so either any document that it becomes a bearer security or coupon.
Import of Currency Note:-Notification No. 1 (8)-EF/49, dated 2nd May, 1949 : In exercise of the powers conferred by sub-section (1) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the Federal Government, in supersession of this Ministry’s Notification No. 1(3)-ECS/48, dated the 1st July, 1948, is pleased to order that, except with the general or special permission of the State Bank of Pakistan no person shall bring or send into the Provinces of Pakistan from any place outside Pakistan and Currency Notes or Bank Notes, whether un-issued or in circulation.
Declaration of Securities:-Notification No. 2(1)-1-EF/56, dated 1st August, 1956 : In exercise of the powers conferred by sub-section (1) of Section 19 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in supersession of this Ministry’s Notification No. 1 (5)-ECS/48, dated the 1st July, 1948, the Federal Government is pleased to direct that all persons resident of Pakistan who are or who may hereafter become the owners of any securities in respect of which the principal interest or dividend is payable in the currency of any foreign country or in respect of which the owner has the option to require the payment of principal, interest of dividend in such currency shall by the 31st December, 1956, or in the case of the date of his so becoming make a return to the State Bank of Pakistan in the Form prescribed in this behalf by the State Bank of Pakistan giving the following particulars with respect of such securities, namely :
(a) the full name and address of the owner by whom or on whose behalf the return is made;
(b) a description of the security in full, including particulars as to whether it is a bearer bond, registered or inscribed stock, etc;
(c) nominal amount of the security;
(d) whether the security is free or encumbered; and if the latter, full details of the nature of the encumbrance including the amount of loans or advances, if any, which have been taken against the security and the currency in which the name and addresses of the persons from whom they have been taken;
(e) the place in which and the name of the person with whom the security is deposited;
(f) the full name and address of the person for whose account the security is held (in case a person other than the owner is making the return).
Provided that this order shall not apply to persons not being citizens of Pakistan who have obtained the permission of the State Bank of Pakistan in this behalf.
Repatriation of Foreign Exchange holdings by residents:-Notification No. 1(8)-FE/58, dated 20th August, 1958 : In exercise of the powers conferred by Section 9 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in supersession of this Ministry’s Notification No. 3(2)-4/EF-52, dated the 14th June, 1952, the Federal Government is pleased to order that every citizen of Pakistan in Pakistan and every other person residing continuously for six months or more in Pakistan who owns or who may hereafter become the owner of any foreign exchange whether held in Pakistan or abroad expressed in the currency of any country or territory, excepting the country or territory specified in the Schedule appended hereto, shall before the expiration of one month from the date of this Notification or in the case of a person hereafter becoming such owner, within one month of his so becoming, offer such foreign exchange or cause it to be offered for sale to an authorised dealer, being a person authorised by the
State Bank of Pakistan for the purpose, against payment in Pakistan currency at the rate for the time being authorised by the State Bank of Pakistan in pursuance of sub-section (2) of Section 4 of the said Act for the conversion into Pakistan currency of the foreign currency in which such foreign exchange is expressed :
Provided that this order shall not apply to foreign exchange held by authorised dealers within the scope of their authority or to any person authorised under any permission, general or otherwise, granted by the State Bank of Pakistan to hold the foreign exchange.
2. The provisions of this Notification shall not apply to the following cases, namely :
(i) Foreign exchange held abroad by foreign diplomats and foreign nationals employed in Embassies and Missions of foreign countries in Pakistan;
(ii) Foreign Exchange held abroad by foreign nationals or foreign business houses, except to the extent it represents their earnings abroad in respect of business conducted in Pakistan or services rendered while in Pakistan;
(iii) Foreign exchange held in U.K. by residents in Pakistan provided the amount does not exceed 100 in all, or in U.S.A. provided the amount does not exceed $280 in all, U.S.A. does not exceed the equivalent of 100.
Explanation :
“Residents in Pakistan” includes foreign nationals residing continuously in Pakistan for six months or more, but does not include citizens of Pakistan in foreign countries during the period of their stay outside Pakistan.
Schedule : 1. Afghanistan.
Notification No. S.R.O. 72(1)-75, dated 30th December, 1974 : In exercise of the powers conferred by sub-section (2) of Section 19 of the Foreign Exchange Regulation Act, 1947 (VII of 1947) and in continuation of this Ministry’s Notification No. F-1 (17)-EF(EXP)/68/4351, dated the 30th November, 1973, the Federal Government is pleased to direct that the power to make order under the said sub-section shall be exercised by the State Bank of Pakistan until the 31st December, 1975.
Notification No. 14(1)-EF(G)/73, dated 8th March, 1975 : In exercise of the powers conferred by sub-section (2) of Section 23 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the Federal Government is pleased to declare the period ending the 28th February, 1976, to be the period for which all offences punishable under the said Section 23 shall be cognizable and non-bailable.
Export of cheques, drafts, foreign exchange, etc., Notification No. F.E. 17/48-SB, dated 1st July, 1948 : In pursuance of sub-section (2) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the State Bank of Pakistan is pleased to permit :
(a) Authorised Dealers to send out of the Provinces of Pakistan, cheques, drafts or bills of exchange which have been acquired in the normal course of their business and within the terms of their authorisation;
(b) any person to take or send out of the Provinces to States which have acceded or accede to Pakistan foreign exchange without limit;
(c) any person maintaining an account in accordance with the provisions of the Notification of the State Bank of Pakistan No. F.E. 56/53-SB, dated the 7th May, 1953, to take or send out of the Provinces and the Capital of the Federation cheques or drafts drawn on such account.
Export of jewellery to acceding States:-Notification No. F.E. 21/48-SB, dated 1st July, 1948 : In pursuance of sub-section (2) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the State Bank of Pakistan is pleased to permit any person to take or send out of the Provinces of Pakistan without limit.
Import of gold and silver in transit:-Notification No. F.E. 28/49-SB, dated 14th May, 1949 : In pursuance of the Notification of the Government of Pakistan in the Ministry of Finance No. 1 (2)-LCS-48, dated the 1st July, 1948 (restricting the bringing or sending into the Provinces of Pakistan of gold and silver), and in supersession of the Notification of the State Bank of Pakistan No. F.E. 10/48-SB, dated the 1st July, 1948, the State Bank of Pakistan is hereby pleased to give general permission to the bringing or sending of any such gold or silver as is specified in the Government notification referred to, by sea or air into any port in the Provinces of Pakistan, provided the gold or silver is on through transit to a place outside Pakistan and is not removed from the carrying ship or aircraft except for the purpose of transhipment.
Import of Indian coins:-Notification No. F.E. 30/49-SB, dated 5th November, 1949 : In pursuance of the Notification of the Government of Pakistan No. 1 (2)-ECS/48, dated the 1st July, 1984, as amended by the Notification of the Government of Pakistan No. 1(14) EF/49, dated the 5th November, 1949, the State Bank of Pakistan is pleased to permit any person to bring into the Provinces or the Capital of the Federation from any place outside Pakistan any coin which is legal tender in India not exceeding in all rupees five in value at any one time.
Export of Foreign Exchange:-Notification No. F.E. 38/50-SB, dated 23rd October, 1950 : In pursuance of sub-section (2) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the State Bank of Pakistan is pleased to permit :
(i) any person to take out of the Provinces and the Capital of the Federation with him foreign exchange issued to him by an Authorised Dealer in Pakistan and endorsed on his Passport;
(ii) any person, other than a person to whom foreign exchange is issued for travelling purposes only, to send out of the Provinces and the Capital of the Federation foreign exchange issued to him by an Authorised Dealer for any purpose other than travelling.
Payment to the non-residents:-Notification No. F.E. 57/53-SB, dated 7th May, 1953 : In pursuance of sub-section (1) of Section 5 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in supersession of the State Bank of Pakistan Notification No. F.E. 16/48-SB, dated the 1st July, 1948, the State Bank of Pakistan is pleased to direct that the prohibition imposed by Clause (a) of that sub-section shall not apply to the making of a payment to or for the credit of a person resident outside Pakistan out of funds held in an account maintained in accordance with the provisions of the Notification of the State Bank of Pakistan No. F.E. 56/53-SB, dated the 7th May, 1953.
Notification No. F.E. 71/58-SB, dated 22nd May, 1958 : In exercise of the powers conferred upon it by the Foreign Exchange Regulation Act, 1949, and all other powers in this behalf, the State Bank of Pakistan is pleased to order that the following notifications of the Reserve Bank of India that is to say Notifications :
No. FER/A/22/47-RB, dated the 8th July, 1947;
No. FER/A/23/47-RB, dated the 8th July, 1947;
No. FER/A/24/47-RB, dated the 8th July, 1947; and
No. FER/A/36/47-RB, dated the 8th July, 1947,
shall hereby be cancelled and be deemed to have been cancelled with effect from the 1st July, 1948.
Export of Jewellery:-Notification No. F.E. 72/52-SB, dated 21st January, 1959 : In exercise of the powers conferred by sub-section (2) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in supersession of its Notification No. FE/20/48-SB, dated the 1st July, 1948, the State Bank of Pakistan is pleased to permit any person to export out of Pakistan precious stones or jewellery other than article made wholly or mainly of gold, to any country without limit provided in the manner prescribed in the Government of Pakistan, Ministry of the Finance Notification No. 1 (6)-ECS/48, dated the 1st July, 1948, and No. 1(7)ECS/48, dated the 1st July, 1948.
Notification No. F.E. 73/59-SB, dated 25th February, 1959 : In pursuance of the Federal Government Notification No. 1(8) EF/58, dated the 20th August, 1958 and in supersession of the State Bank of Pakistan Notification No. F.E. 52/52-SB, dated the 18th September, 1952, the State Bank of Pakistan is pleased to authorise all dealers for the time being authorised by the State Bank of Pakistan to undertake foreign exchange business to purchase foreign exchange for the purpose of the said Notification.
Notification No. E.F. 74/59-SB, dated 25th February, 1959 : In pursuance of sub-section (1) of Section 4 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in supersession of the State Bank of Pakistan Notification No. EF-56/53-SB, dated the 7th May, 1953, the State Bank of Pakistan is pleased to direct that the prohibitions imposed by that sub-section shall not apply to the operation on an account expressed in a foreign currency held in accordance with para. 2 of the Government of Pakistan, Ministry of Finance Notification No. 1 (8) E.F./58, dated the 20th August, 1958, by a foreign national who is, or is resident, in any Province but is not domiciled in Pakistan.
Import of Currency Notes:-Notification No. E.F. 3/60-SB, dated 27the August, 1960 : In pursuance of the Notification of the Federal Government No. F. 1(8)-EF/49, dated the 2nd May, 1949, and in supersession of the State Bank of Pakistan Notification No. FE/25/49-SB, dated the 2nd May, 1949, the State Bank of Pakistan is pleased to permit any person to bring into Pakistan from any place outside Pakistan without limit any currency notes or bank notes other than :
(1) Un-issued notes, and
(2) Notes legal tender in Pakistan,
provided that he makes a declaration to the Customs authorities at the time of arrival in the Form prescribed by the State Bank of Pakistan in this behalf, or the total amount of the notes brought in.
Export of Currency Notes:-Notification No. FE/278-SB, dated 16-1-1979 : In pursuance of sub-section (2) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VIII of 1947), and in supersession of State Bank of Pakistan Notification No. FE. 1/61-SB, dated the 3rd January, 1961, as amended upto the 27th May, 1967, the State Bank of Pakistan is pleased to permit as follows :
(1) Any person may take out from Pakistan to any place outside Pakistan currency notes of the Government of Pakistan and State Bank of Pakistan notes not exceeding in all Rs. 100 (Rupees one hundred only) in value at any one time.
(2) Any person may take out from Pakistan to Afghanistan notes and coin which are the Currency of Afghanistan without limit.
(3) Currency which has been brought into Pakistan in the safes of vessels or aircrafts or which has been taken on board a vessel or aircraft with the permission of the State Bank of Pakistan maybe taken out of Pakistan.
(4) Any person not ordinarily resident in Pakistan may take out of Pakistan subject to compliance of such conditions as may be laid down by the State Bank of Pakistan in the form of administrative instructions from time to time any foreign currency brought by him into Pakistan.
Notification No. F.E. 1/63-SB, dated 14th October, 1963 : In pursuance of Clause (a) of sub-section (1) of Section 20 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in partial modification of the State Bank of Pakistan Notification No. F.E. 13/48-SB, dated the 1st July, 1948, the State Bank of Pakistan in pleased to direct that a person other than a person holding any office in the service of Pakistan and residing outside Pakistan for the time being either on duty or on leave, being domiciled in, or a national of Pakistan who is for the time being resident outside Pakistan, shall unless otherwise authorised or exempted under the said Act, be treated for purposes of Section 5 of the said Act, as a person resident outside Pakistan for so long as he is so resident.
Export of precious stones and Jewellery:-Notification No. F.E. 2/64, dated 2nd May, 1964 : In pursuance of sub-section (2) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in supersession of the Notification of the State Bank of Pakistan No. F.E. 1/64-SB, dated the 19th February, 1964, the State Bank of Pakistan is pleased to permit with effect on and from the second day of May, 1964, any person to take at any one time out of the Provinces of Pakistan precious stones to countries or territories specified in the first column of the Schedule appended hereto to the extent indicated in the corresponding entries in the second column thereof :
Provided that any person other than a person domiciled in Pakistan or India who is returning to his own country may take with him any precious stones or jewellery other than articles made wholly or mainly of gold purchased in Pakistan upto a further Rs. 10,000 in value.
SCHEDULE
(i) (ii)
(a) India …. …. Nil
(b) Afghanistan, Iran, Persian Gulf
Ports, Nepal and Tibet. Upto Rs. 500 in value
(c) Any other country or place not
mentioned in (a) & (b) above Upto Rs. 1000 in value.
or in the Notification No. F.E.
21/48-SB, dated the 1st July, 1948.
Import of Pakistan Currency Notes:-Notification No. FE/1/79, dated 16-1-1979 : In pursuance of Government of Pakistan Notification No. F.1 (8)-EF-49, dated the 2nd May, 1949, and in supersession of State Bank of Pakistan Notification No. FE. 2/78-SB, dated the 11th May, 1978, the State Bank of Pakistan is pleased to permit any person to bring into Pakistan from and place outside Pakistan, currency notes of the Government of Pakistan and State Bank of Pakistan Notes upto an amount not exceeding Rs. 100 (Rupees One hundred only) in value in all per person at any one time :
Provided that he shall, if so required by the Customs Authorities at the time of his arrival, make a declaration in the Form prescribed by the State Bank of Pakistan in this behalf of the total amount of notes brought in.
Notification No. F.E. 4/71-SB, dated 9th December, 1971 : In pursuance of the powers provided in sub-section (2) of Section 8 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in supersession of State Bank of Pakistan Notification No. F.E. 2/71-SB, dated 16th August, 1971, the State Bank of Pakistan in pleased to notify that persons taking or sending out of Pakistan currency notes, bank notes, coins, foreign exchange or jewellery and precious stones either under general permission given vide Notification No. F.E. 1/61-SB, dated the 3rd January, 1961, and read with Notification No. F.E. 1/62-SB, dated the 3rd January, 1961, and Notification No. F.E. 2/64-SB, dated 2nd May, 1964, or under specified permission given by the State Bank of Pakistan in this behalf, shall before leaving Pakistan make a declaration to the Customs authorities on Form `CD’, appended to this Notification.
FORM `CD’
CURRENCY DECLARATION FORM TO BE COMPLETED BY PERSONS LEAVING PAKISTAN UNDER FOREIGN EXCHANGE REGULATION ACT, 1947 (VII OF 1947).
“Prescribed under Section 8 (2) of the Foreign Exchange Regulation Act, 1947, vide Notification No. F.E. 2/71-SB, dated 16th August, 1971, as amended vide Notification No. F.E. 4/71-SB, dated 9th December, 1971”.
I…………………………hereby declare that at the time of
(Name in Block Letters)
leaving Pakistan, I am in possession of the following Pakistan currency notes, Bank notes, coins, foreign exchange and precious stones and jewellery :
A. DESCRIPTION OF THE CURRENCY :
(Please indicate whether Notes, Travellers Cheques, etc.)
Amount
1…………………. …………………..
2…………………. …………………..
3…………………. …………………..
4…………………. …………………..
5…………………. …………………..
B. JEWELLERY AND PRECIOUS STONES :
DESCRIPTION :
Approximate Value
1…………………. …………………..
2…………………. …………………..
3…………………. …………………..
4…………………. …………………..
Passport No. and date and …………………..
place of issue. …………………..
Nationality. …………………..
Address in Pakistan. …………………..
I declare that the information furnished by me above is correct; and in the event of its being not correct, I hold myself liable for such action as may be deemed fit under the Foreign Exchange Regulation Act, 1947.
For official use :
Checked
Customs Officer
Dated……………….. Signature
