Pakistan News

    Foreign Currency Rules In Pakistan

  • Attempt to smuggle more than Rs5m in foreign currency foiled at Karachi airport

    A money laundering bid was foiled at Karachi's Jinnah International Airport on Thursday night after customs officials arrested two women for attempting to transport a large amount of foreign currency to Dubai, a Customs Preventive Force (CPF) spokesperson told DawnNews...

    According to the CPF spokersperson, Mohammad Irfan, the two women were attempting to smuggle 120,000 Saudi Riyals, 50,000 Emirati Dirhams and 500,000 Japanese Yen,...
  • Physical remand extended again: NAB claims Cheema, spouse maintained foreign currency accounts

    LAHORE: An accountability court on Thursday extended for another 15 days physical remand of Lahore Development Authority’s former director general Ahad Khan Cheema and three other suspects for their alleged involvement in the Ashiana-i-Iqbal Housing Scheme scam...

    Officials of the National Accountability Bureau (NAB) produced Cheema and others before the court with a request to extend their physical remand
  • Too little too late on the foreign currency front

    OBJECTIVE conditions, it seems, are ripe for the return of undeclared overseas assets owned by resident and non-resident Pakistanis, but subjective conditions are hindering the repatriation of wealth of aspiring declarants under the tax amnesty scheme...

    Moody, in its recent report on Pakistan that focused on heightened external vulnerability risks, took note of the amnesty scheme
  • SBP directive on exporters’ foreign currency accounts

    KARACHI: The State Bank of Pakistan (SBP) issued instructions to all banks regarding the exporters’ special foreign currency accounts and asked them to ensure prescribed use of export proceeds...

    Exporters generally use the exports proceeds to get maximum profits or use them for purposes not allowed by the central bank, often taking more than the prescribed period
  • Foreign currency accounts will not be frozen, Senate told

    ISLAMABAD: State Min­is­ter for Finance Hammad Azhar told the Senate on Wed­­nesday that foreign cur­rency accounts would not be frozen and nobody would be allowed to freeze them...

    Responding to questions from members, Barrister Hammad Azhar informed the Senate that foreign remittances had increased significantly in the last quarter, particularly in October
  • Turkey revokes restrictions on foreign currency use

    ISTANBUL: Turkey has rolled back some restrictions on the use of foreign currencies that were brought in at the height of an economic crisis this year, according to a decree published on Friday, loosening the rules after lobbying from the hotel industry...

    In September the government ruled that property sales, rental contracts and leases should all be made in lira, a move President Tayyip Erdogan said would support the currency
  • Govt sets caps by age on amount of foreign currency allowed to be carried abroad

    The amount of foreign currency travellers leaving Pakistan can carry without having to declare it has been capped by the age of the traveler, a new advisory issued by the Federal Board of Revenue (FBR) says...

    According to the FBR advisory, issued on Tuesday, travellers aged less than 5 years can carry $1,000 (or an equivalent amount in other foreign currencies) on a single visit
  • Banks allowed to do foreign currency business with public

    KARACHI: The State Bank of Pakistan (SBP) has laid the foundation to eliminate exchange companies from the currency business by allowing banks and their entire branches to buy and sell foreign currencies with public across the country...

    The SBP on Saturday issued revised chapters of Foreign Exchange (FE) Manual providing details about the currency business while assigning the role of exchange companies to banks
  • Foreign secretary rules out IS presence in Pakistan

    ISLAMABAD: Foreign Secretary Aizaz Chaudhry on Sunday ruled out the possibility of self-styled terrorist outfit Islamic State’s presence in Pakistan, Radio Pakistan reported...

    In an interview, Chaudhry said no one in Pakistan will be allowed to have links with Daesh – Arabic acronym for the Islamic State (IS)
  • UN rules for treatment of prisoners renamed as ‘Nelson Mandela Rules’

    UNITED NATIONS: The United Nations has amended and renamed its Standard Minimum Rules for the Treatment of Prisoners — the Nelson Mandela Rules, a UN press statement said on Wednesday...

    UN Secretary-General Ban Ki-moon welcomed the adoption of NM rules as “a great step forward” but also drew attention to three areas that could be strengthened from a human rights perspective
  • Saudi bourse issues rules before foreign opening

    RIYADH: Small-time players need not apply when the Saudi Arabian stock market opens to foreign investment on June 15, according to regulations released on Monday...

    The Capital Market Authority (CMA) said institutional investors must have a minimum of 18
  • Currency smuggling case: Ayyan sent on judicial remand for twelfth time

    ISLAMABAD: A special customs court hearing the currency smuggling case against Ayyan Ali Monday sent the supermodel on a judicial remand for the twelfth time since her arrest on March 14...

    Ayyan Ali was arrested by custom officials at the Benazir Bhutto International Airport after US $508,000 were recovered from her luggage while trying to board a plane
  • Currency shifts support global economic growth: IMF

    WASHINGTON: Recent shifts in exchange rates should help the global economy, boosting Japan and Europe in particular, amid increasing divergence in the growth paths of the world’s major economies, the International Monetary Fund (IMF) said on Tuesday...

    The Washington-based institution kept its global growth forecasts unchanged, with faster economic expansion in the eurozone and India expected to be offset by diminished prospects in...
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