ISLAMABAD: The Federal Board of Income (FBR) has determined to repair a most restrict of $5,000 (per go to) and $30,000 (yearly) for outgoing worldwide passengers (18 years and above) aboard.

The brand new annual most restrict for taking out international forex by passengers can be relevant from 2023.

The FBR has issued SRO2043(I)/2022 right here on Wednesday via draft amendments launched within the Baggage Guidelines, 2006.

Below the amended baggage guidelines, any particular person travelling overseas (besides to Afghanistan) is allowed to take out of Pakistan, US greenback or equal thereof in different foreign exchange as per the bounds given in Desk ‘A’ of those revised guidelines.

The passenger of 18 years and above (grownup) can be entitled to take US$5,000(or equal in different foreign exchange) below the utmost restrict per particular person per go to. The annual restrict per particular person in US$ (or equal in different foreign exchange) has been proposed to be mounted at US$30,000.

The passenger beneath 18 years of age (minor) can be entitled to take US$2,500 (or equal in different foreign exchange) below the utmost restrict per particular person per go to. The annual restrict per particular person in US$ (or equal in different foreign exchange) has been proposed to be mounted at US$15,000.

Incoming, outgoing passengers: FBR units new guidelines for forex declaration

The FBR has additionally prescribed international forex money limits for passengers travelling to Afghanistan. The utmost restrict per particular person go to (US$ or equal in foreign exchange) has been mounted at US$1000. The annual restrict per particular person (US$ or equal in different foreign exchange) has been mounted at US$6,000.

Below the revised baggage guidelines, the annual limits for outbound passengers for the respective international locations might be as per Tables ‘A’ and ‘B’ for a calendar yr ranging from the yr 2023. Nonetheless, for calendar yr 2022, the present annual limits in vogue earlier than the issuance of this notification will proceed to be efficient until December 31, 2022.

Any particular person taking international forex or every other prohibited or restricted merchandise out of Pakistan shall file a declaration within the desk as set out in Appendix-C, earlier than or on the time of departure, electronically within the WeBOC or go monitor or manually on the airport. The incoming passenger when in possession of international forex exceeding US $ 10,000 or equal, or every other prohibited or restricted merchandise, shall additionally file a declaration within the Type as set out in Appendix-C, amended baggage guidelines added.

The declaration requested the passengers to declare are you carrying any of the next items: Prohibited or restricted items resembling arms and ammunitions, narcotics, psychotropic substances or satellite tv for pc telephones and many others; gold and valuable metals, jewellery, valuable or semi-precious stones; international forex in US $ for outbound passengers to all international locations and incoming passengers bringing into Pakistan an quantity exceeding US $ 10,000 or equal and every other gadgets requiring declaration earlier than Customs.

Copyright Enterprise Recorder, 2022