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ISLAMABAD: Federal Minister for Finance, Senator Ishaq Dar said on Thursday that by March 17, payments against exports to Afghanistan will cease to be made in the Pakistani rupee.
The finance minister was chairing a high-level meeting to review Pakistan’s trade with Afghanistan at the Finance Ministry.
Attendants of the meeting were informed that Pakistan’s export to Afghanistan during 2012-13 amounted to US $2.3 billion. This includes trade undertaken in Pakistan Rupee, estimated to be 50% of total exports.
Dar took the decision after consultations and due recommendations by the concerned Ministries.
A two-month grace period was, however, being given to allow exporters to serve out existing contracts.
The decision has been taken in view of the fact that normal banking channels were now available for transactions between the two countries.
The move is likely to earn foreign exchange of US $1 billion.
Currency limit per person reduced to US $5000 per trip abroad
In a separate meeting held with representatives from the State Bank of Pakistan, the Finance Minister reviewed the limit of currency notes allowed to Pakistanis traveling abroad.
Governor SBP had raised the issue that the present limit of US$10,000 for each person per trip was being misused.
The Finance Minister stressed and clarified that the limit of US $5000 was applicable to passengers who were carrying currency notes.
Under the new laws, each child of up to 12 years will be entitled to 50% allowance while an infant will be permitted an allowance of 25%.
Exports to Afghanistan will no longer be in Pak Rupee: Dar – The Express Tribune
The finance minister was chairing a high-level meeting to review Pakistan’s trade with Afghanistan at the Finance Ministry.
Attendants of the meeting were informed that Pakistan’s export to Afghanistan during 2012-13 amounted to US $2.3 billion. This includes trade undertaken in Pakistan Rupee, estimated to be 50% of total exports.
Dar took the decision after consultations and due recommendations by the concerned Ministries.
A two-month grace period was, however, being given to allow exporters to serve out existing contracts.
The decision has been taken in view of the fact that normal banking channels were now available for transactions between the two countries.
The move is likely to earn foreign exchange of US $1 billion.
Currency limit per person reduced to US $5000 per trip abroad
In a separate meeting held with representatives from the State Bank of Pakistan, the Finance Minister reviewed the limit of currency notes allowed to Pakistanis traveling abroad.
Governor SBP had raised the issue that the present limit of US$10,000 for each person per trip was being misused.
The Finance Minister stressed and clarified that the limit of US $5000 was applicable to passengers who were carrying currency notes.
Under the new laws, each child of up to 12 years will be entitled to 50% allowance while an infant will be permitted an allowance of 25%.
Exports to Afghanistan will no longer be in Pak Rupee: Dar – The Express Tribune
