KARACHI: The State Bank of Pakistan (SBP) has allowed Authorized Dealers to remit visa and document attestation fees collected by the foreign embassies in Pakistan to their respective authorities in home countries.
The Foreign Exchange Manual amends time to time in consultation with different stakeholders to facilitate the Authorized dealers in Foreign Exchange and industry stakeholders.
The SBP on Wednesday also issued fresh directives for remittance of visas, consular fees, document attestation fees, etc. by the foreign embassies and consulates operating in Pakistan. Accordingly, the central bank has added one fresh para in Chapter 14 (Commercial Remittance) of the Foreign Exchange Manual.
In order to facilitate foreign embassies and consulates operating in Pakistan in remitting various fees such as visa, consular and document attestation fees, etc. collected by them in PKR accounts to their respective ministries/authorities in home countries, SBP has decided to allow general permission to Authorized Dealers for remitting such fees.
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Accordingly, the SBP has inserted new para in Chapter 14 (Commercial Remitt-ances) of the Foreign Exchange Manual:
As per new Para 28A of Chapter 14, Remittance of Fees Collected By Foreign Embassies/Consulates in Pakistan Authorized Dealers are allowed to remit funds collected (in PKR) by foreign embassies/consulates in Pakistan on account of various fees such as visa/consular fee, documents attestation fee, etc. to their respective ministries/ authorities in home countries. The remittance may be allowed by the Authorized Dealers after conducting necessary due diligence of the transaction and satisfying themselves with respect to bona fides of the request through the review of underlying documents.”
The SBP has advised the Authorized Dealers to bring this development to the notice of all their constituents for meticulous compliance.
Previously, revision of foreign exchange instructions on commercial remittances chapter 14 of the foreign exchange manual was made in August 2021.
Copyright Business Recorder, 2022