KARACHI: The State Bank of Pakistan (SBP) has made its instructions/procedure regarding remittances/release of foreign exchange easier for medical treatment and studies abroad.
The central bank, in order to facilitate resident Pakistanis in meeting their individual foreign exchange needs, took the step vide FE Circular No. 08 of 2015.
As per revised instructions related to medical treatment abroad, banks have been allowed to remit foreign exchange up to $50,000 or equivalent in other foreign currencies to foreign hospitals on account of medical treatment of resident Pakistanis on recommendation of concerned medical specialist/hospital in Pakistan.
Banks have also been allowed to release cash foreign exchange equivalent to $5,000 each to the patient and attendant to meet their cash foreign exchange needs.
As regards to the simplification of instructions related to studies abroad, banks may remit foreign exchange to foreign educational institutions on behalf of students desirous of studying in foreign institutions up to $70,000 or equivalent per student per calendar year as per the criteria set out in the circular.
Banks have further been allowed to release cash foreign exchange to the students equivalent to $5,000 for meeting their initial living expenses.
