KARACHI: Syed Usman Ali Chairman Towel Manufactures Association (TMA) of Pakistan has strongly criticized the State Bank of Pakistan (SBP) for reducing cash carrying limits of foreign currency for international travel.
While expressing deep concern over decreasing of limit of foreign currency as Travelling Cash, urged the State Bank of Pakistan (SBP) to enhance the limit to US$. 15,000/- per visit and US$ 90,000/- Annually.
The State Bank of Pakistan (SBP) had halved the cash-carrying limits on foreign currency for international travel to $5,000 from $10,000 per visit.
In a letter to the Governor of State Bank of Pakistan, Chairman TMA pointed out that revised limits for travelers will provide huge distress to the Business Professionals especially the Exporters, those who were visiting abroad to bring Foreign Exchange into the country.
These Business Professionals/ Exporters usually stay in Hotels of various cities through extensive travelling to bring export contracts in Pakistan which is not possible through this short limit of foreign currencies.
“In view of the support of the Business Professionals/ Exporters, Chairman TMA requested the Governor State Bank to enhance the limit to US$. 15,000/- per visit and US$ 90,000/- Annually (Equivalent Foreign Exchange) rather than decreasing in travelling cash to distress them.”
Syed Usman Ali also requested the Ministry of Finance and Prime Minister of Pakistan to take immediate action and facilitate the business community in strengthening the trade and economy of Pakistan.
