New method of depositing remittances in foreign currency account released – Express Urdu

Foreign forex bought from the market can’t be transferred to international forex accounts. (Photo, File)

Islamabad: The Ministry of Finance has issued a brand new process for depositing remittances in international forex accounts to curb cash laundering.

An announcement issued by the Ministry of Finance states that international forex bought from the market can’t be transferred to international forex accounts . Remittances from abroad banking channels will be despatched to a international forex account, however funds for exports and companies is not going to be credited to a international forex account.

According to the Ministry of Finance, the sale of securities to non-residents, issuance quantities will be unable to enter the international forex account. Individual international forex accounts will have the ability to credit score cash from different particular person international forex accounts.

In addition, below the schemes of the Government of Pakistan, the funding quantity or revenue will be credited to the international forex account. An announcement issued by the Ministry of Finance additionally stated that the forex cleared by Pakistan Customs Code from overseas may be credited to the international forex account.

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