ISLAMABAD: The Federal Board of Revenue (FBR) has decided to fix a maximum limit of $5,000 (per visit) and $30,000 (annually) for outgoing international passengers (18 years and above) aboard.
The new annual maximum limit for taking out foreign currency by passengers would be applicable from 2023.
The FBR issued SRO2043(I)/2022 here on Wednesday through draft amendments introduced in the Baggage Rules, 2006.
What do SBP’s forex control measures mean for travelers
Under the amended baggage rules, any person travelling abroad (except to Afghanistan) is allowed to take out of Pakistan, US dollar or equivalent thereof in other foreign currencies as per the limits given in Table ‘A’ of these revised rules.
The passenger of 18 years and above (adult) would be entitled to take US$5,000(or equivalent in other foreign currencies) under the maximum limit per person per visit. The annual limit per person in US$ (or equivalent in other foreign currencies) has been proposed to be fixed at US$30,000.
SBP takes big step to contain forex outflow
The passenger below 18 years of age (minor) would be entitled to take US$2,500 (or equivalent in other foreign currencies) under the maximum limit per person per visit. The annual limit per person in US$ (or equivalent in other foreign currencies) has been proposed to be fixed at US$15,000.
The FBR has also prescribed foreign currency cash limits for passengers travelling to Afghanistan. The maximum limit per person visit (US$ or equivalent in foreign currencies) has been fixed at US$1000. The annual limit per person (US$ or equivalent in other foreign currencies) has been fixed at US$6,000.
Incoming, outgoing passengers: FBR sets new rules for currency declaration
Under the revised baggage rules, the annual limits for outbound passengers for the respective countries will be as per Tables ‘A’ and ‘B’ for a calendar year starting from the year 2023. However, for calendar year 2022, the existing annual limits in vogue before the issuance of this notification will continue to be effective till December 31, 2022.
Any person taking foreign currency or any other prohibited or restricted item out of Pakistan shall file a declaration in the table as set out in Appendix-C, before or at the time of departure, electronically in the WeBOC or pass track or manually at the airport. The incoming passenger when in possession of foreign currency exceeding US $ 10,000 or equivalent, or any other prohibited or restricted item, shall also file a declaration in the Form as set out in Appendix-C, amended baggage rules added.
The declaration asked the passengers to declare are you carrying any of the following goods: Prohibited or restricted goods such as arms and ammunitions, narcotics, psychotropic substances or satellite phones etc; gold and precious metals, jewelry, precious or semi-precious stones; foreign currency in US $ for outbound passengers to all countries and incoming passengers bringing into Pakistan an amount exceeding US $ 10,000 or equivalent and any other items requiring declaration before Customs.
Copyright Business Recorder, 2022
Comments
Comments are closed for this article.