Remitting up to $50,000 allowed for medical treatment abroad

Remitting up to $50,000 allowed for medical treatment abroad

KARACHI: Authorized dealers have been allowed to remit foreign exchange up to $50,000 on account of medical treatment abroad of resident Pakistanis only.

According to Foreign Exchange Manual updated up to March 14, 2019 issued by State Bank of Pakistan (SBP), authorized dealers may remit foreign exchange up to $50,000/- or equivalent in other foreign currencies on account of medical treatment of resident Pakistanis only after satisfying themselves about bona fides of the transaction. Remittances should be sent directly to the account of concerned reputable foreign Hospital via SWIFT, telegraphic transfer or demand draft after obtaining the following documents:

a. Appendix V-72 duly filled in by the patient/next of kin/sponsor.

b. Invoice/estimate of the foreign hospital.

c. A ‘self-declaration’ from the patient, his/her next of kin or from sponsor declaring amount of foreign exchange essentially required for treatment abroad.

According to the foreign exchange manual, in addition, authorized dealers may also release cash foreign exchange equivalent to US$ 5,000/- each to the patient and one attendant which should be duly endorsed on his/her/their passport(s).

In case of foreign exchange requirements for medical treatment abroad in excess of the above limit, the concerned authorized dealer will forward the case to the Director, Foreign Exchange Operations Department, SBP-Banking Services Corporation, Head Office, Karachi along with justification and documentary evidence for consideration.

The authorized dealers will retain all related record including the documents submitted by the applicant as mentioned in this paragraph for on-site inspection by the State Bank’s Inspection Team.

In order to facilitate and guide their individual customers desirous of availing above services, authorized dealers are advised to ensure the following:

a) Information regarding provision of FX services for medical treatment abroad should be displayed at prominent place at each authorized branch of the authorized dealer.

b) Adequate stock of major foreign currencies should be maintained at all authorized branches to meet cash related requirements for such facility.

c) Brochures containing information regarding services related to medical treatment abroad may be made available at all branches. However, such information must be placed at official websites of the authorized dealers alongwith list of branches providing such services.

Further, such list should also be available at all branches of the Authorized Dealer for guidance of customers.

d) The officials dealing with such services should be trained/ made acquainted with the existing foreign exchange rules and regulations governing individual FX needs.

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