SBP allows banks remitting visa fee State Bank of Pakistan

SBP allows banks remitting visa fee

KARACHI: The State Bank of Pakistan (SBP) on Wednesday allowed banks in remitting visa fees collected in Pak Rupee (PKR) accounts.

The SBP invited authorized dealers or banks towards FE Circular No. 07 dated August 05, 2021 in terms of which SBP notified revision of Chapter 14 (Commercial Remittance) of Foreign Exchange Manual.

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The central bank said that in order to facilitate foreign embassies/consulates operating in Pakistan in remitting various fees such as visa/consular/document attestation fees etc. collected by them in PKR accounts to their respective ministries/authorities in home countries, it has been decided to allow general permission to Authorized Dealers for remitting such fees.

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Accordingly, following new para is inserted in Chapter 14 (Commercial Remittances) of Foreign Exchange Manual:

“Para 28A- Remittance of Fees Collected By Foreign Embassies/Consulates in Pakistan

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Authorized Dealers are allowed to remit funds collected (in PKR) by foreign embassies/consulates in Pakistan on account of various fees such as visa/consular fee, documents attestation fee, etc. to their respective ministries/ authorities in home countries. The remittance may be allowed by the Authorized Dealers after conducting necessary due diligence of transaction and satisfying themselves with respect to bonafides of the request through the review of underlying documents.”

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