ISLAMABAD: In a bid to stop money laundering, the federal government has issued rules pertaining to foreign currency accounts.
According to a document issued by the finance ministry, the rules have been based on the Protection of Economic Reforms Act 1992, under which “a foreign currency account of an individual may be credited with the remittances received from abroad through banking channel except payment for goods exported from Pakistan”.
“Other than this, payment for services rendered in or from Pakistan, proceeds of securities issued or sold to non-residents, and any foreign exchange borrowed from abroad under any general or special permission of the State Bank will also not be allowed.“
However, the new rules do allow people in foreign countries to send money to Pakistan in different ways, for example, a foreign currency account may be credited through transfer from another individual foreign currency account.
Under the rules, proceeds realised on account of profit, return, and principal amount of investment made in any foreign currency denominated or foreign currency linked scheme of Government of Pakistan may be credited into the account.
Furthermore, the State Bank may issue any general or special permission for credit to the account, documents state. A foreign currency account shall not be credited with any foreign exchange purchased from an authorized dealer, exchange company or money changer except as allowed by the State Bank through general or special permission under any law.
However, foreign currency brought in from abroad and duly declared at the point of entry into Pakistan with Pakistan Customs may be credited in the account and lastly the rules state that there shall be no restriction on cash withdrawals or transfers from the foreign currency account.
Great initiatives it wl help to minimize capital flight n money laundering from personal FC account
We are US citizens retired and moving to the US wishing to buy a house there by selling our property in Pakistan which is not required anymore. What is the procedure for doing this?
If you are a filer, then you can still buy USD from the open market.
Wait for more clarification from sbp.
Now onward, no Pakistani should bring any dollars with him because 1) if he will declare then some portion will be demanded by custom as bribe, otherwise his custom clearance will be hell. 2) if he will not declare then then those dollars can be deposited into account, so you keep those in home unsafe.
This seems very tough for oversees Pakistanis who have invested in Pak like in Bahria or Defence . Now if they sell those plots or any family estate how will they transfer their legitimate money to oversees where they live. If its so , will kill investment from oversees Pakistanis.
How students for germany universities maintain a blog account with dutche bank if they are not allowed to deposit euro in a bank to open an account
Niazi is gone mad, terrorising the whole nation. Civil liberties and human rights down the drain.
This is not good for country.
Better take care of your butt. Because of people like you Pakistan is in FATF List.
Secondly i think it will be no issue for Overseas Pakistanis. If you are selling your property in Pakistan and you have proof of payment how can anyone stop you from transferring money abroad ?
Hi i want to ask one question please do reply I’m a student doing mphil along with that I’m Working as a freelance and using my fiancee Freelancer.com account. All the details on this site is of him but he’s not using it he just created and then he got Job opportunity from Germany he’s living there. Now I started earning from this account but for withdrawal I used his PayPal and then he transfer money once he received it. I want to whether it will create a problem for me? Like bank would ask me anything or should I face some problems regarding money trail etc.
One more thing some of my Freelancer employer also paying me directly to my account would it create problem?
Please anybody who can help
Can someone please share a link for the new laws around money exchange and foreign remittance please