SBP eases remittance procedures

Revised instructions given regarding medical treatments and studies abroad.

KARACHI: In order to facilitate resident Pakistanis in meeting their individual foreign exchange needs, State Bank of Pakistan vide FE Circular No. 08 of 2015 has simplified its instructions/procedure regarding remittances/release of foreign exchange related to medical treatment and studies abroad.

As per revised instructions related to medical treatment abroad, banks have been allowed to remit foreign exchange up to $50,000 or equivalent in other foreign currencies to foreign hospitals on account of medical treatment of resident Pakistanis on recommendation of concerned medical specialist/hospital in Pakistan.

Banks have also been allowed to release cash foreign exchange equivalent to $5,000 each to the patient and attendant to meet their cash foreign exchange needs.

As regards to the simplification of instructions related to studies abroad, banks may remit foreign exchange to foreign educational institutions on behalf of students desirous of studying in foreign institutions up to $70,000 or equivalent per student per calendar year as per the criteria set out in the circular.

Banks have further been allowed to release cash foreign exchange to the students equivalent to $5,000 for meeting their initial living expenses.

In case of foreign exchange requirements for medical treatment and studies abroad in excess of the limits set out in the circular, the concerned bank may forward the case to the Director, Foreign Exchange Operations Department, SBP-BSC, Head Office, Karachi for consideration. 

Published in The Express Tribune, July 2^nd, 2015.

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