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040622
STATE BANK OF PAKISTAN - EXCHANGE POLICY DEPARTMENT
F.E. Circular No. 08 of 2004
June 22, 2004
Head Offices/Principal Offices of all
Authorized Dealers In Foreign Exchange
Dear Sirs/Madam,
Remittance of Aircraft Lease Rental by Airlines Incorporated in Pakistan
Attention of Authorized Dealers (ADs) is invited to the present practice regarding the cases of remittances of Aircraft lease rentals by airlines incorporated in Pakistan wherein SBP’s specific approval is required for remittances on case to case basis.
It has now been decided to delegate powers to ADs for effecting remittances of aircraft lease rental upto the guaranteed hours. However, if the amount exceeds the guaranteed hours, the case may be referred to FEOD, SBP Banking Services Corporation.
Accordingly Para 5 Chapter XIV of FE Manual (8th edition, 2002) is amended by adding the following lines:
“Authorised Dealers can make remittances on account of lease rentals by the Airlines incorporated in Pakistan upto the guaranteed hours. However, if the amount exceeds the guaranteed hours, ADs would refer the case to the Director , FEOD, SBP Banking Services Corporation for necessary approval by submitting the following documents:
Attested copy of valid agreement.
Original invoices
An audited statement showing the opening balance,
earning, expenditure and net amount (surplus/deficit).”
Please bring the above changes to the notice of your constituents.
Yours faithfully,
(Azhar Kureshi)
Director
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