The State Bank of Pakistan (SBP) has reduced the foreign currency cash-carrying limits for travel purposes on every visit and on an annual basis.
According to the circular, the revised limits individuals with age 18 years and above (adults) can now take out of Pakistan foreign currency (FCY) equivalent to $5,000 per visit, while those below the age of 18 years (minors) can carry out FCY equivalent to $2,500 per visit.
Further, the annual ceiling to take out FCY for adults and minors shall be $30,000 and $15,000, respectively.
The maximum limit per person per visit is applicable with immediate effect. The annual limits will be for a calendar year starting from the year 2023. However, for the calendar year 2022, the existing annual limits will continue to be effective till December 31, 2022.
Any person taking foreign currency out of Pakistan shall make a declaration to Customs at the time of leaving the country.
Previous Limits
Earlier, the SBP granted general permission to any person to take out of Pakistan US Dollars or the equivalent thereof in other foreign currencies as per the following limit:
A minor – age up to five years – was allowed a maximum limit of $1,000 per visit or an annual ceiling of $6,000.
A child – from 5-18 years – was allowed a maximum amount of $5,000 per visit or an annual ceiling of $30,000
An adult – above 18 years – was allowed a maximum amount of $10,000 per visit or an annual ceiling of $60,000
As an exception, the SBP said, NGOs, and UN/other donor agencies would be able to draw foreign currency from their accounts without any limit for taking it to Afghanistan to the extent of such remittances.
Authorized dealers would issue certificates to these entities in duplicate, one copy of which would be submitted to Customs and the second would be kept by the concerned NGO/agency which would, however, be stamped by Customs as ‘Amount allowed to be taken out.’
The record of all such transactions would be kept by authorized dealers for SBP inspection.
Further, a person carrying foreign currency above this limit without explaining the source may be dealt with under prevailing laws including anti-money laundering.
A person carrying such amount of foreign currency within Pakistan shall be responsible to ensure that the foreign currency notes have been acquired through authorized sources and that the funds used for the acquisition of such foreign currency are legitimate.
So this shows that the present pakistani government has still provided one loop hole for money laundering with the help of NGOs, and UN/other donor agencies.. Customs department is also the most corrupt deptt involved in every sort of corruption