FINANCE

State Bank of Pakistan (SBP) authorized to non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account

State Bank of Pakistan (SBP) authorized to non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account.

Pakistan Origin Card (POC)

Foreign Exchange (FE) circular No. 02 dated August 05, 2020 explains, a non resident person is eligible to open foreign currency account. State Bank of Pakistan clarified that non-resident person also eligible to open foreign currency account. If holding Pakistan Origin Card (POC).

Foreign Exchange (FE) Circular amendment

According to Para 2 sub-para (i (a)) of the Circular No 2. This para replaced with the following: “Individual non-resident Pakistani and non-resident holding Pakistan Origin Card (POC).” Now, the provisions of foreign exchange (FE) Circular 2 of 2020 which are applicable to non-resident individual Pakistani. Now also applicable to non-resident person holding Pakistan Origin Card (POC).

Form “R” to SBP

According to Para 7, of Chapter 22 of the Foreign Exchange Manual. Authorized Dealers now required to report remittance transactions coming into Pakistan. Family maintenance and exports, exceeding USD 10,000/- on Form “R” to SBP are exempted from application of above para.

Form ‘M’ to SBP

Para 7, of Chapter 10 of the foreign exchange (FE) Manual explains procedure for purchase of FC. If an individual purchases foreign exchange. That required to apply on an application to an Authorized Dealer of foreign exchange on Form ‘M’ to SBP.

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