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STATE BANK OF PAKISTAN
F.E. Circular No. 22
December
23, 2002
The Head
Offices/Principal Offices of all
Authorized Dealers In Foreign Exchange
Dear
Sirs,
BACK TO BACK REMITTANCE
In terms of FE
Circular No. 03 dated the 13th February, 2002, Authorised Dealers
were allowed to issue foreign currency travellers’ cheques to foreign
nationals as well as Pakistan nationals (residents and non-residents) for
travel purpose only upto the limit prescribed under Para 10(f), Chapter
XVIII of FE Manual (Eighth Edition-2002) against surrender of an equal
amount of foreign exchange in cash and para 48 was added in Chapter XVII.
2. Now as a step towards further
liberalization of foreign exchange regime, it has been decided to remove the
restriction of issuance of travellers’ cheques for travel purpose only.
Consequently, Para 48, Chapter XVII of FE Manual (Eighth Edition-2002) may be
replaced with the following:
Quote
‘Authorized
Dealers may issue foreign currency travellers’ cheques to foreign
nationals and Pakistani nationals (residents and non-residents) upto the
limit prescribed under Para 10(f) Chapter XVIII of the Foreign Exchange
Manual (Eighth Edition) against surrendering of an equivalent amount of
foreign exchange in cash’.
Unquote
Please bring the above to the
notice of your branches and other constituents.
Yours faithfully,
(M. R. Mehkari)
Director
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