The foreign exchange cap for traveling and using debit or credit cards to make payments overseas has been modified by State Bank.
The State Bank of Pakistan agreed to increase the currently allowed amount of foreign money to be carried when traveling.
Adults who are 18 years of age or older are now allowed to bring out of Pakistan foreign cash worth US$ 5,000 every trip, according to the amended restriction.
Minors under the age of 18 are only permitted to bring in foreign money worth USD 2,500 on a single trip.
Also increased to US$30,000 for adults and US$15,000 for children, respectively, is the yearly foreign currency carrying limit.
The current foreign currency cap for visitors to Afghanistan will continue to apply (under State Bank Notification No. FE 2/2021-SB dated 06 October 2021).
The yearly limitations will go into effect on January 1, 2023, while the new limits for one foreign currency visit take effect immediately. Statement on the Updated Foreign Cash Limit
Additionally, the State Bank of Pakistan notices that debit/credit cards are being used for transactions that do not fit the person using them or for commercial endeavors.
In light of this, the State Bank has given banks advice to make sure that the use of debit/credit cards for overseas payments is suited to the unique features of the cardholders and is solely for their own purposes.
Debit and credit cards are designed to make it easier for people to pay for personal transactions. These cards should only be used in accordance with the specific preferences of the cardholder, both for local and foreign transactions.
Although it will be the customer's obligation to make sure their yearly limit is never exceeded, banks should keep an eye on these restrictions for each person on an overall basis.
The Foreign Exchange Manual's Chapter 14, Paragraph 14A, provides a framework for using international credit cards for lawful commercial transactions.
Under this, customers looking for digital services can choose a bank to use the facility, as long as they stay within the aforementioned financial constraints.
A fundamental framework for service purchase by businesses is also provided in Chapter 14 of the Foreign Exchange Manual, Paragraph 11.
This link will take you to a circular on the enforcement of the limit on card-based international transactions:
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