SBP allows ADs for payment of Hajj expenses on behalf of HGOs
- To facilitate the HGOs to effect Hajj-related remittances, Para 45(A) (v), Chapter 17 of the Foreign Exchange Manual has been amended
KARACHI: The State Bank of Pakistan (SBP) has allowed the Authorised Dealers (ADs) for payments of Hajj expanses on behalf of Hajj Group Organisers (HGOs).
As per Para 45A, Chapter 17 of the Foreign Exchange Manual, the authorised dealers are allowed to make remittances in foreign exchange to the Kingdom of Saudi Arabia on behalf of Hajj Group Organisers subject to compliance of applicable terms and conditions.
In order to facilitate the HGOs to effect Hajj-related remittances, Para 45(A) (v), Chapter 17 of the Foreign Exchange Manual has been amended. As per Para 45A related to Remittances by Authorized Dealers on behalf of Hajj Group Organizers for Hajj, Authorized Dealers may also effect Hajj-related remittances, on behalf of HGOs, to Tawafa/ Hajj service providers duly designated by the Saudi Arabian Hajj Authorities.
According to SBP, the remittances will be made after receiving details of Hajj Package bifurcating local and foreign expenses per pilgrim in terms of related Hajj Package(s) and undertaking from the concerned HGO for repatriation of funds in case of non-utilization.
SBP mentioned that it will be the responsibility of the Authorized Dealer to satisfy themselves about the bona fides of the transaction. However, all other instructions on the subject matter shall remain unchanged.
Copyright Business Recorder, 2022
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