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

The brand new annual most restrict for taking out overseas foreign money by passengers can be relevant from 2023.

The FBR issued SRO2201(I)/2022, right here on Tuesday to amend Baggage Guidelines, 2006.

Earlier, the FBR had issued a notification, ie, SRO2043(I)/2022 final month to introduce draft amendments to the Baggage Guidelines, 2006.

Below the revised Baggage Guidelines, any individual travelling overseas (besides to Afghanistan) is allowed to take out of Pakistan, US greenback or equal thereof in different foreign currency echange 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$5,000(or equal in different foreign currency echange) underneath the utmost restrict per individual per go to. The annual restrict per individual in US$ (or equal in different foreign currency echange) has been fastened at US$30,000.

The passenger beneath 18 years of age (minor) can be entitled to take US$2,500 (or equal in different foreign currency echange) underneath the utmost restrict per individual per go to. The annual restrict per individual in US$ (or equal in different foreign currency echange) has been fastened at US$15,000.

The FBR has additionally prescribed overseas foreign money money limits for passengers travelling to Afghanistan. The utmost restrict per individual go to (US$ or equal in foreign currency echange) has been fastened at US$1,000. The annual restrict per individual (US$ or equal in different foreign currency echange) has been fastened at US$6,000.

Below the revised baggage guidelines, the annual limits for outbound passengers for the respective international locations can be as per Tables “A” and “B” for a calendar 12 months ranging from the 12 months 2023. Nonetheless, for the calendar 12 months 2022, the present annual limits in vogue earlier than the issuance of this notification will proceed to be efficient until December 31, 2022.

Any individual taking overseas foreign money or another 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 observe or manually on the airport.

The incoming passenger when in possession of overseas foreign money exceeding US $ 10,000 or equal, or another 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 so forth; gold and treasured metals, jewellery, treasured or semi-precious stones; overseas foreign money in US $ for outbound passengers to all international locations and incoming passengers bringing into Pakistan an quantity exceeding US $ 10,000 or equal and another objects requiring declaration earlier than Customs.

Copyright Enterprise Recorder, 2022