Freight forwarders/consolidators: Forex manual for remittance of freight charges amended

KARACHI: The State Bank of Pakistan (SBP) has amended the Foreign Exchange Manual (FEM) for remittance of freight charges by freight forwarders.

As per para 5 of Chapter 14 of FEM, in terms of which Authorised Dealers are allowed to effect remittances of surplus freight charges directly on behalf of concerned freight forwarder/consolidators on a fortnight basis, after verification of documentary evidence in support of the remittance.

Now, in view of the representation received from stakeholders, it has been decided to amend para 5(i)(e) of Chapter 14 of FEM. As per the amended para 5(i)(e), certificate from a practising accountancy firm (having satisfactory QCR rating) to the effect that the amount of remittance applied for has been verified with reference to authenticated copies of prepaid Master Airway Bill/Master Bill of Lading with the related House Airway Bill/House Bill of Lading, cargo manifests and billed invoices from counterparts abroad and had been found correct.

However, this requirement will not be applicable on monthly remittance of up to USD 10,000 or equivalent.

All other terms and conditions will remain unchanged. The SBP has advised Authorized Dealers to bring the above development to the notice of all their constituents for meticulous compliance.

Copyright Business Recorder, 2023