FBR Fixes $30,000/Person Yearly Maximum Currency Limit for Overseas Travel

The Federal Board of Revenue (FBR) has fixed a maximum limit of US$5,000 (per visit) and US$30,000 (annual) per passenger (18 years and above) for taking out foreign currency while traveling abroad.

The new annual maximum limits for taking out foreign currency by the passengers would be applicable from 2023. The FBR has issued SRO.2043(I)/2022 through draft amendments in the Baggage Rules, 2006 here on Wednesday.

Under the amended baggage rules, any person traveling abroad (except to Afghanistan) is allowed to take out of Pakistan US dollars or the equivalent thereof in other foreign currencies as per the limits given in the revised rules.

The passenger of 18 years and above (adult) would be entitled to take US$ 5,000 under the maximum Limit per person Per Visit in US$ (or equivalent in other foreign currencies).  The annual limit per person in US$ (or equivalent in other foreign currencies) has been proposed to be US$ 30,000.

The passenger below 18 years of age (minor) would be entitled to take US$ 2,500 under the maximum Limit per person Per Visit in US$ (or equivalent in other foreign currencies).  The annual limit per person in US$ (or equivalent in other foreign currencies) has been proposed to be US$ 15000.

The FBR has also prescribed foreign currency cash limits for passengers traveling to Afghanistan. The maximum limit per person Visit (US$ or equivalent in foreign currencies) has been fixed at US$ 1000. The annual limit per person (US$ or equivalent in other foreign currencies) has been fixed at US$ 6000.

Under the revised baggage rules, the annual limits for outbound passengers for the respective countries will be as per Tables ‘A’ and ‘B’ for a calendar year starting from the year 2023. However, for the calendar year 2022, the existing annual limits in vogue before the issuance of this notification will continue to be effective till December 31, 2022.

Any person taking foreign currency or any other prohibited or restricted item out of Pakistan shall file a declaration in the table as set out in Appendix-C, before or at the time of departure, electronically in the WeBOC or pass track or manually at the airport.

The incoming passenger when in possession of foreign currency exceeding US$ 10,000 or equivalent, or any other prohibited or restricted item, shall also file a declaration in the Form as set out in Appendix-C, amended baggage rules added.

The declaration asked the passengers to declare are you carrying any of the following goods: Prohibited or restricted goods such as arms and ammunitions, narcotics, psychotropic substances or satellite phones, etc; gold and precious metals, jewelry, precious or semi-precious stones; foreign currency in US $ or equivalent for outbound passengers to all countries and incoming passengers having amount exceeding US$ 10,000 or equivalent and any other items requiring declaration before Customs.