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030301
STATE BANK OF PAKISTAN FOREIGN EXCHANGE DEPARTMENT KARACHI
F.E. Circular No. 6
April 1, 2003
The Head offices of
All Authorized Dealers
in Foreign Exchange
Dear Sirs,
ADVANCE REMITTANCES IMPORTS
Attention of Authorized Dealers is invited to
sub para (i) of para 30 of Foreign Exchange Manual (Eighth Edition) 2002 in
terms of which, in special cases, with prior permission of State Bank of
Pakistan, advance remittances may be allowed upto 33 1/3% of the estimated C & F
value of the total quantity of the goods to be imported
2 With a view to further liberalize this facility, it has been decided that
henceforth Authorized Dealers may themselves approve such requests of Advance
remittance upto the extent of 50% of the estimated C&F value of the total
quantity of the goods to be imported. However, Authorized Dealers will report
this transaction post fact, on Form I alongwith (App.V-29) duly signed by the
Importer, to the SBP with their monthly return.
3. In this connection, para 30 sub para (i) of Chapter XIII of Foreign Exchange
Manual (Eighth Edition) 2002 may be recasted as under:
Authorized Dealers may consider applications for advance remittance against
imports upto the extent of 50% of the estimated C & F value of the total
quantity of the goods to be imported. Applications for such advance remittance
should be made to Authorized Dealer on Form I and should be accompanied by the
original contract entered into between the importer and the foreign manufacturer
or supplier. The applications should also be supported by an undertaking in the
prescribed form (Appendix V-29) duly signed by the importer.
4. Appendix V-29 duly amended is enclosed
5. Authorized Dealers are advised to bring the same to the notice of all their
constituents.
Encl. (1)
Yours faithfully,
(SYED SAMAR HASNAIN)
Joint Director
FORM OF UNDERTAKING
(To be furnished by the importer for making
advance remittances for import)
In consideration of the Authorized Dealer
permitting me/us an
advance remittance of
..to
.
.
I/We
hereby undertake that the amount so remitted by me/us will be used solely for
the purpose of payment for the goods described below to be imported into
Pakistan from
. in accordance with the regulations in force regarding
such imports. I/We declare that the goods will be so imported by me/us on or
about
.
. and I/We undertake to produce to my Authorized Dealer
documentary evidence in respect of goods so imported including the Exchange
Control copy of the Customs Bill of Entry and suppliers invoice in original.
I/We further declare that the amount paid by me/us in advance will be deducted
from the C & F Invoice value of the goods imported and that the deduction will
be shown on the invoice.
| Name and address of the supplier | Invoice value of goods | Quantitative description of goods | Country of origin |
|
Name of the importer .. . Address Date .. |
Stamp and Signature of the importer.
(Stamp and Signature of Authorized Dealer)
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