KARACHI: State Bank of Pakistan (SBP) has revised its foreign exchange regulations to simplify the process for non-resident legal heirs seeking to transfer inherited assets outside Pakistan.
Under the updated framework, Succession Certificates and Letters of Administration issued by National Database and Registration Authority (NADRA) will now be officially accepted alongside court-issued documents as valid proof for remitting inherited funds abroad.
The revised instructions were issued through a circular addressed to the presidents and chief executives of all authorised foreign exchange dealers and involve amendments to Paragraph 3 of Chapter 16 of the Foreign Exchange Manual.
According to the SBP, the changes are intended to facilitate overseas beneficiaries inheriting assets from estates of deceased individuals located in Pakistan.
Under the updated rules, applications relating to remittance of inherited wealth and estate distributions to beneficiaries residing abroad must still be submitted to the central bank along with specified supporting documents.
Applicants will be required to provide details including the deceased person’s name, nationality, place of residence at the time of death and, where applicable, the duration of residence in Pakistan.
The SBP said applicants must also submit either relevant sections of a probated will or, in cases where no will exists, a Letter of Administration or Succession Certificate issued by NADRA or a court.
The documents must be properly authenticated by the issuing authority, a notary public, judge or magistrate, whether in Pakistan or the country where the deceased had been residing.
A complete statement outlining the deceased’s assets within Pakistan must also accompany the application.
The SBP further clarified that any amount not approved for remittance would be placed in a blocked account under the name of the executor or administrator at a Pakistani bank.
Authorised Dealers have been instructed to ensure full compliance with the revised regulations.
