State Bank's new policy: Reduction in the limit of carrying dollars abroad...
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| Persons aged 8 years and above (adults) can now carry US$5,000 on a single trip from Pakistan.. |
State Bank has changed the foreign exchange limit for traveling and making payments abroad through debit or credit cards.
The State Bank of Pakistan has revised the existing limit on carrying foreign currency for travel purposes and decided to make it more reasonable.
As per the revised limit, persons aged 18 years and above (adults) can now carry foreign currency equivalent to US$ 5,000 per trip from Pakistan.
Persons below 8 years of age (minors) will be allowed to carry foreign currency equivalent to USD 2,500 for one trip. Additionally, the annual limit of carrying foreign currency for adults and minors has been increased to 30,000 US dollars and 15,000 US dollars respectively.
The existing foreign currency limit for travelers to Afghanistan (as per State Bank Notification No. 2/2021-58 77 dated 06 October 2021) will remain in place. Click this link for details.
The new limits for one foreign currency visit will come into effect immediately, while the annual limits will come into effect from January 1, 2023. The notification of revised foreign currency limit can be viewed at this link.
In addition, State Bank of Pakistan observes that debit/credit cards are being used for transactions that do not match the profile of the individual concerned or these cards are being used for commercial purposes.
In addition, State Bank of Pakistan observes that debit/credit cards are being used for transactions that do not match the profile of the individual concerned or these cards are being used for commercial purposes.
The State Bank has therefore advised banks to ensure that the use of debit/credit cards for international payments is tailored to the individual characteristics of the cardholders and only for their personal needs.
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| According to the State Bank, the new limits for one visit of foreign currency will come into effect immediately... |
Debit/credit cards are intended to facilitate individuals to pay for personalized transactions.
The use of these cards as well as domestic and international payments through them should be limited to the individual characteristics of the cardholder.
It will be the customer's responsibility to ensure that their annual limit is not exceeded at any point, however banks should monitor these limits for each individual on an aggregate basis.
A framework is available in Chapter 14 Para 4A of the Foreign Exchange Manual on the use of overseas cards in relation to business in the legal realm.
Under this, those seeking digital services can designate a bank to avail the facility within the respective financial limits mentioned in the said framework.
Along with this, a general framework has been given in Chapter 14 Para 11 of the Foreign Exchange Manual for the procurement of services by firms and companies. Circular regarding enforcement of limit on overseas transactions through cards is available at this link:
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