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CHAPTER
XXI
REPATRIATION OF INVISIBLE EARNINGS OF FOREIGN EXCHANGE
1. Obligation to
repatriate Foreign Exchange.
Notification No.S.R.0.1016(I)/79 dated the 17th October, 1979 (Appendix II-8) issued by
the Federal Government pursuant to Section 9 of the Act requires all citizens of Pakistan
and other persons residing in Pakistan continuously for 6 months or more who become the
owner of any foreign exchange whether held in Pakistan or abroad to sell such foreign
exchange to an Authorised Dealer within three months of the date of acquisition by them of
such foreign exchange. In the case of foreign nationals or foreign business houses,
however, the above provision is applicable only to the extent of their earnings abroad in
respect of business conducted in Pakistan or services rendered while in Pakistan.
2. Information on
Foreign Exchange Receipts.
Indenting Houses/Tour Operators and Trade Marks/Patent Agents and Attorneys are required
to file with the State Bank, the following documents/information in respect of their
foreign exchange earnings:
(i) Indenting Houses/Agents.
(a) Half yearly statement of their commission earnings in foreign exchange in the
prescribed form (Appendix-V-98) as on 30th June and 31st December each year. This
statement should reach the State Bank within two months after each half year.
(b) A copy each of the agency agreement entered into by them with foreign suppliers.
(c) The statements/documents as provided in
sub-paragraph 2(i)(a) and 2(i)(b) will not be required to be submitted by the Indenting
Houses/Agents whose indenting income does not exceed Rupees one million per annum.
(ii) Tour Operators.
(a) Half yearly statement in the prescribed form (Appendix V-99) showing the amount of
foreign exchange received by them on account of services rendered to foreign tourists. The
aforesaid statement should show the position as of 30th June and 31st December each year
and reach the State Bank within two months after each half year.
(b) A certified copy of each agency agreement entered into with foreign tour operators and
airlines etc. In cases where the business is undertaken on the basis of special terms and
conditions not covered by any agency agreement, authenticated copies of the relative
correspondence on the basis of which the rates have been finalised, should accompany the
above half yearly statement.
(c) Tour Operators who are earning foreign exchange on account of services rendered to
foreign tourists and are reporting such invisible earnings to the State Bank in the manner
prescribed in sub-para (a) above may be allowed to keep upto 5% of their foreign exchange
earnings, for Opening of Offices abroad and for foreign marketing. Those Tour Operators
who intend to avail of this facility may approach the Senior Deputy Director, Investment
Division, Exchange Control Department, State Bank of Pakistan, Central Directorate,
Karachi in the matter.
(iii) Trade Marks/Patent Agents and Attorneys.
(a) Half yearly statement in the prescribed form (Appendix V-100) showing the foreign
exchange received by them on account of Government fees and their own professional
charges. The statement should show the position as of 30th June and 31st
December each year and reach the State Bank within two months after each half year.
(b) A certified copy of the agreement entered into by them with foreign clients. In case
business is undertaken on the basis of special terms and conditions not covered by any
standing agreement authenticated copies of the relative correspondence exchanged between
the foreign client and the Pakistani Patent Agent/Attorney should accompany the statement.
3. Encashment certificates from Authorised Dealers in support of foreign exchange received
from abroad and shown in the half yearly statement should invariably be enclosed with the
relative statement.
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