Regulations for Forex Transaction Through Exchange Companies
Lahore: The State Bank of Pakistan (SBP) has modified the rules governing the selling of foreign currency to individuals through exchange offices in order to promote documentation and transparency and further strengthen the FX control system.
According to a statement issued by the central bank on Sunday, the action, which is a continuation of past measures taken by SBP, will principally permit foreign exchange companies to speculate on the purchase and sale of foreign currencies without harming market capacity. The objective is to cease. The satisfaction of actual requirements benefits the whole public.
Due to these modifications, currency exchanges will no longer purchase more than US$10,000 per day and US$100,000 per calendar year (or the equivalent in other currencies) in cash or foreign form from the exchange. These restrictions were imposed with the individual’s own foreign exchange requirements in mind, according to the statement.
In addition, people will continue to have the option of reimbursing abroad education and medical expenses up to $ 70,000 per calendar year and $ 50,000 per invoice, in accordance with current law.
For remittances exceeding these restrictions or for any other reason, individuals may contact the SBP-Forex BSC’s Department through a bank. There are no changes to the regulations governing foreign currency accounts held by individuals.
In exchange for selling foreign currency in excess of $1,000 (or its equivalent in other currencies), the exchange company must receive a document attesting to the transaction’s purpose. Moreover, the stock exchange is prohibited from trading against the power of attorney system. In addition, the rule highlighted that the EU should only conduct business with its authorised merchants and should not offer delivery services to its clients.
For further details, visit Al Sadat Marketing
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
Book Your Plot Now: +92 331 111 0005