Major Restrictions Imposed on Individuals Having Foreign Currency Accounts in Pakistan

In an extraordinary development, major restrictions have been imposed on the individuals having foreign currency accounts in Pakistan from October 9, 2020.

Ministry of Finance has tightened regulations for the Pakistanis having foreign currency accounts in the country. The Finance Ministry here on Friday issued foreign currency account rules 2020 which have been enforced from October 9, 2020.

The rules governing the foreign currency account of individual noted that a foreign currency account of an individual may be credited with the remittance received from abroad through banking channel except;

  • Payment of goods exported from Pakistan
  • Payment for services rendered in or from Pakistan
  • Proceeds of securities issued or sold to non-resident
  • Any foreign exchange borrowed from abroad under any general or special permission of the State Bank of Pakistan; provided that the SBP may issue any general or special permission for credit the account.

An expert told ProPakistani that the individuals having foreign currency accounts in Pakistan now cannot credit remittance received on account of payment of goods exported from Pakistan; payment for services rendered in or from Pakistan; proceeds of securities issued of sold to non-resident and any foreign exchange borrowed from abroad.

Under the new regulations, a foreign currency account shall not be credited with any foreign exchange purchased from an authorised dealer, exchange company or money changer except as allowed by the SBP through general or special permission under any law.

However, foreign currency brought from abroad and dully declared at the point of entry into Pakistan with the Pakistan Custom may be credited in the account.

There will be no restriction on cash withdrawal or transfer from the foreign currency account, new regulations said.

The regulations stated that the federal government was making those rules in exercise of the powers by Section 11, and the second proviso to sub-section (4) of Section 5 of the Protection of Economic Reforms Act, 1992.

A foreign currency account may be credited through transfer from another individual foreign currency account.

Proceeds realized on account of profit, return and the principal amount of investment made in any foreign currency-denominated or foreign currency linked scheme of the government of Pakistan may be credited into the account, regulations added.


  • How can I send university fee and other expenses (dollar) to my daughter in abroad. If I cannot buy dollar from money changer and deposit in my FC account for bank transfer?

    • You can use your PKR account to send expenses to your daughter studying abroad. Bank will automatically convert money.

    • You can remit fees through banks by awailing “foreign exchange services” from your PKR bank account, for further detail, contact your bank.

    • Sir this government is good for nothhing. They are bringing destruction on all fronts. This decision will just make banking mafia stronger and people will face more problems. Allah is hakoomat say jald az jald nijaaat dilwaey. AMEEN.

      • This is great step to stop black money and money laundering, if you have white money all transactions should be through banks like rest of the world, forex bank accounts are only legit if you have earning in forex, for rest use your pkr account

      • This is a very good step. Banking channel is the legal way and state bank has control on it.
        The currency agents are black money mafia.
        If you don’t know anything then please don’t comment without any knowledge.

      • think it’s going to how I do it abroad. I don’t go in open market to buy rupees in US or England. I just go to the bank to ask then to wire money to whoever in Pakistan.
        People do give someone money on Forex to give it to someone in Pakistan in rupees, which is illegal. This is one of the things they want to curb.
        So for case it’s probably going to look like this. Open a local account in rupees and then ask that bank to transfer the money you receive to any account overseas.Think you are so biased that you cannot think of your country just playing the politics of against government.

      • Dear, it appears you are a mercenary, used to enjoy benefits during corrupt to the bone likes of Nawaz brothers, Zardari, Mullah Diesel and a long list of their stooges. Please have your head examined.

    • I am facing similar problem. banks do not accept transactions in Pak Rs, convert to Dollars and remit abroad. such facility used to exist in the past but is no more there now.

  • If a foreigner is working in Pakistan and has salary account in PKR and USD account for sending remittance. How will he convert his PKR salary to send it to his family abroad.

  • Not a good decision. Anyone having white money and want to convert Rs to $ should be allowed. The managers are forcing HUNDI system to get strengthen to fill the void for back channel…..

  • For the last 20+ years I am resident in U.K. I have a house in Pakistan that I was planning to sell, get the money converted into pound sterling, deposit it in my foreign currency account with NBP and then transfer it to my U.K. account with the intention of helping my children to pay deposit towards purchase of property in U.K.
    with the new rules does it mean I won’t be able to do that legally? What would be way forward for me?

    • I think it’s going to how I do it abroad. I don’t go in open market to buy rupees in US or England. I just go to the bank to ask then to wire money to whoever in Pakistan.
      People do give someone money on Forex to give it to someone in Pakistan in rupees, which is illegal. This is one of the things they want to curb.
      So for case it’s probably going to look like this. Open a local account in rupees and then ask that bank to transfer the money you receive to any account overseas.

  • If I sell my property in Pakistan and want to transfer money to myself abroad, will they allow us, and how will bank convert it into Pounds, dollars??

  • Crushing free market, to hide there own policy failure, to further damage the economy. Just to save currency ( the best invention to loot general public with inflation the hidden tax ), shame on the world national banks.

  • Thank you for being the first media outlet to break this important news.
    This is why you are followed within Pakistan, and by overseas Pakistanis.

  • This may be right. However, suppose some has become a foreign resident and wants to settle there. If he decides to take his legally earned money to a country of which he is now a resident of, how he will take this money outside Pakistan? There must be a legal way in such cases to transfer legally earned money to other country.

  • When you sell your house you deposit the proceeds in your personal Pakistani rupee account from which you can send that money to your foreign currency account in uk by asking your local bank they will take permission from SBP and then
    Bank will charge exchange rate and transfer this strengthens legal channel of course we are not used to it

  • Can we remit the amount in our bank accounts presently being maintained there, that was deposited before the ordinance was promulgated.

  • Can we sell our already deposited dollars to currency exchanger or the only way now is to sell it to banks to get pak rupees?? (Asking for filer)


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