CHAPTER 18
IMPORT AND EXPORT OF CURRENCY NOTES AND COIN,
FOREIGN EXCHANGE, JEWELLERY, GOLD AND SILVER
1. General.
2. Import of Pakistan Currency Notes.
3. Import of Foreign Currency Notes and Coin.
4. Ban on Sending Pakistan and Foreign Currency Notes or Coin by Post.
5. Export of Pakistan Currency Notes.
6. Export of Currency on Steamers and Aircrafts.
7. Prohibition to sell Pakistan Currency Notes abroad.
8. Ban on Export of Foreign Exchange Instruments and Pakistan and Foreign Currency
Notes and Coin by Post.
9. Import of Foreign Exchange Instruments.
10. Export of Foreign Exchange.
11. Definition of Jewellery and Precious Stones.
12. Import of Jewellery and Precious Stones.
13. Export of Jewellery and Precious Stones.
14. Taking out of Precious Stones and Jewellery.
15. Definition of Gold and Silver.
16. Import of Gold and Silver.
17. Export of Gold and Silver.
18. Declaration to Customs by Outgoing Passengers.
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CHAPTER 18
IMPORT AND EXPORT OF CURRENCY NOTES AND COIN, FOREIGN
EXCHANGE, JEWELLERY, GOLD AND SILVER
1. General.
In exercise of the powers conferred by sub-section (1) of Section 8 of the Act, the
Federal Government has issued Notification No.F1(8)/EF/49 dated the 2nd May, 1949 and
No.1(2)ECS/48 dated the 1st July, 1948 as amended by Notification No.1(14)-EF/49 dated 5th
November, 1949, prohibiting the bringing or sending into Pakistan from any place outside
Pakistan, of Pakistan and foreign currency notes or bank notes, un-issued or in circulation, or
coin, except with the general or special permission of the State Bank.
2. Import of Pakistan Currency Notes.
Under Notification No.-1F.E.2/2017-SB dated the 30th August, 2017, State Bank has
granted general permission for bringing into Pakistan notes legal tender in Pakistan not
exceeding Rs 3,000/- (Rupee Three Thousand Only) from India and Rs 10,000/- (Rupee Ten
Thousand Only) from any country other than India, in value, in all per person at any one time.
3. Import of Foreign Currency Notes and Coin.
The State Bank has also granted under Notification No.F.E.30/49-SB dated the 5th
November, 1949 and Notification No. F.E. 5/92-SB dated the 28th December, 1992 general
permission to the travellers to Pakistan, to bring with them without limit foreign currency notes
except un-issued notes and coin, except coin which is legal tender in India, which can be
brought only up to Rs.5/- in value per person at any one time.
4. Ban on sending Pakistan and Foreign Currency Notes or Coin by Post.
The permission contained in preceding paragraphs 2 and 3 is valid only for bringing in
of Pakistan or foreign currency notes or coin by travellers personally with them, but not for
sending them into Pakistan by post or otherwise which is illegal. Currency notes and coin sent
by post to Pakistan are liable to be confiscated, which is besides the legal action that will be
taken under the Act in such cases.
5. Export of Pakistan Currency Notes.
State Bank has granted general permission vide Notification No.- 2F.E.1/2017-SB dated
th
the 30 August, 2017 for taking out from Pakistan currency notes of Pakistan not exceeding Rs
3,000/- (Rupee Three Thousand Only) and Rs 10,000/- (Rupee Ten Thousand Only) in value to
India and any country other than India respectively, in all per person at any one time.
6. Export of Currency on Steamers and Aircrafts.
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SBP Notification No. FE.2/2017-SB dated the 30th August, 2017
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SBP Notification No. FE.1/2017-SB dated the 30th August, 2017
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The State Bank has granted general permission for export of currency which has been
brought into Pakistan in the safes of vessels or aircrafts, or which has been taken on board a
vessel or aircraft with the permission of the State Bank.
7. Prohibition to sell Pakistan Currency Notes abroad.
i) Pakistan currency notes up to Rs 3,000 and Rs 10,000, which the persons leaving
Pakistan are permitted to take with them to India and to any country other than India
respectively, are not intended for expenditure in foreign countries, but are meant for immediate
expense on their return to Pakistan 3and/or for in-flight purchases on PIA’s international flights.
Authorized Dealers should bring this to the notice of travellers when issuing exchange to them
for travel purposes.
ii) 4As an exception, rupee amounts encashed, at the interbank rates, from foreign currency
accounts of NGOs, UN/Other Donor Agencies, funded through remittances from abroad, may
also be allowed to be taken to Afghanistan without any limit. Authorized Dealers would issue
Encashment Certificate and a Certificate, in duplicate, stating that the foreign currency has been
encashed for the purpose of Afghanistan. One copy of this certificate would be submitted to
Customs Authorities and the duplicate, stamped by Customs Authorities as ‘Amount allowed to
be taken out’, would be kept by the concerned NGO/agency. The record of all such transactions
would be kept by Authorized Dealers for SBP inspection.
8. Ban on Export of Foreign Exchange Instruments and Pakistan and Foreign
Currency Notes and Coin by Post.
The permission contained in paragraphs 5 and 10(i)(d) & (e) and (ii) is valid only for
taking out foreign exchange instruments and currency notes and coin by the travellers
themselves, but not for sending them out by post or otherwise, which is illegal and renders the
foreign currency instruments and currency notes and coin so sent liable for confiscation, besides
any legal action that may be taken against the sender under the Act.
9. Import of Foreign Exchange Instruments.
The term 'foreign exchange' as defined in Section 2 of the Act means foreign currency
and inter alia includes any instrument drawn, accepted, made or issued under clause (8) of
Section 17 of the State Bank of Pakistan Act, 1956 and any drafts, travellers cheques, letters of
credit and bills of exchange expressed or drawn in foreign currency or in Pakistan currency but
payable in any foreign currency. There are no restrictions on the import of foreign exchange
instruments either personally or by post or otherwise. Such restriction applies only to foreign
currency notes and coin in respect of which para 4 ibid may be referred.
10. Export of Foreign Exchange.
i) In pursuance of sub-section (2) of Section 8 of the Act, the State Bank has issued
Notification No. F.E.2/98-SB dated July 21st, 1998 granting general permission to: -
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FE Circular No.01 dated 19.01.2005
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FE Circular No.17 dated 03.12.2002
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(a) Authorized Dealers to send out of Pakistan, cheques, drafts or bills of exchange which
have been acquired by them in the normal course of their business and within the
terms of their authorization.
(b) Any person maintaining an account expressed in a foreign currency, and held under
any permission, general or otherwise, granted by the State Bank of Pakistan to take or
send out of Pakistan, cheques or drafts drawn on such account.
(c) Any person, other than a person to whom foreign exchange is issued for travelling
purposes only, to send out of Pakistan foreign exchange issued to him by an
Authorized Dealer.
(d) Any person to take out of Pakistan foreign exchange issued to him by an Authorized
Dealer in Pakistan and endorsed on his passport and
(e) Any person not ordinarily resident in Pakistan, to take out of Pakistan the unspent
amount of foreign currency brought by him into Pakistan, provided the period of his
continuous stay in Pakistan does not exceed three months.
ii) In terms of Notification No. F.E.1/2015-SB dated June 1, 2015, State Bank has
granted general permission to any person to take out of Pakistan US Dollars or
equivalent thereof in other foreign currencies as per the following limit:
Age Group of Person Maximum Limit per Annual Ceiling per person
person per visit (US$ or (US$ or equivalent in
equivalent in other foreign other foreign currencies)
currencies)
Up to 5 years 1,000 6,000
From 5-18 years 5,000 30,000
Above 18 years 10,000 60,000
iii) 5As an exception, NGOs, UN/Other Donor Agencies would be able to draw foreign
currency from their accounts without any limit for taking it to Afghanistan to the extent of
such remittances. Authorized Dealers would issue Certificates to these entities in duplicate,
one copy of which would be submitted to Customs Authorities and the second would be
kept by the concerned NGO/agency which would, however, be stamped by Customs
Authorities as ‘Amount allowed to be taken out’. The record of all such transactions would
be kept by Authorized Dealers for SBP inspection.
11. Definition of Jewellery and Precious Stones.
The terms "jewellery" and "precious stones" are deemed to include all articles made
wholly or mainly of gold, platinum, diamonds of all kinds, precious or semi-precious stones,
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FE Circular No. 17 dated 03.12.2002
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pearls whether or not mounted, set or strung and articles set or mounted with diamonds,
precious or semi-precious stones or pearls.
12. Import of Jewellery and Precious Stones.
Under the Act there are no restrictions on the import of jewellery and precious stones,
but their import is regulated by the Import Trade Control Regulations. Import of jewellery,
precious metals, precious stones, etc., by incoming passengers is regulated by the Rules made
under the Customs Act.
13. Export of Jewellery and Precious Stones.
Sub-section (2) of Section 8 of the Act prohibits export from Pakistan of jewellery or
precious stones except with the general or special permission of the State Bank. The State Bank
has granted general permission vide its Notification No.F.E.3/85-SB dated the 15th August,
1985, under which any person can take out of Pakistan at any one time to any country outside
Pakistan, precious stones or jewellery other than articles made wholly or mainly of gold as
under:
(a) India. Nil.
(b) Afghanistan, Bangladesh and Iran. up to Rs.1,000/- in value
(c) Any other country or place not up to Rs.2,000/- in value
mentioned in (b) above
No person is allowed to take any jewellery to India without the approval of the State
Bank.
14. Taking out of Precious Stones and Jewellery.
(i) Under the State Bank Notification No.FE.3/85-SB dated the 15th August, 1985, any
person other than a person domiciled in Pakistan or India, who is returning to his/her own
country, may take with him/her any precious stones or jewellery brought by him/her into
Pakistan without limit if the same had been declared to the Customs Authorities on the
prescribed form at the time of his/her arrival in Pakistan, and precious stones and jewellery,
other than articles made wholly or mainly of gold purchased in Pakistan up to a further
Rs.10,000/- in value. The intention is that this facility will be available only to the families of
foreign nationals who are working in Pakistan with the permission of the concerned authorities.
Foreign nationals and overseas Pakistanis can also take out gold, jewellery, precious/semi
precious stones up to the value of $10,000/- in all provided the same have been purchased
against encashment of foreign exchange brought by them from abroad.
(ii) Applications to carry jewellery to India or to other countries in excess of the limit
prescribed in para 13 ibid, should be made to the State Bank in duplicate on Form 'J'
(AppendixV-85). The application should be accompanied by an undertaking from the traveler
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that should the State Bank accede to his/her request, he/she will bring back the jewellery to
Pakistan within the specified period, declare it to the Customs and produce proof thereof to the
State Bank. Where such requests are allowed by the State Bank, it will issue a license for the
Customs in duplicate. While the original copy of the license will be surrendered to the Customs
at the time of taking out the jewellery, the duplicate thereof will be retained by the traveller. On
his/her return to Pakistan, the jewellery brought back by the traveller will be declared to the
Customs who will endorse the duplicate copy of the license. The duplicate copy of the license
endorsed by the Customs will be produced by the travellers to the State Bank within the
specified period in pursuance of the undertaking given by him/her at the time of departure.
15. Definition of Gold and Silver.
'Gold' as defined in Section 2 of the Act includes gold in the form of coin, whether legal
tender or not, or in the form of bullion or ingot, whether refined or not. 'Silver' means silver
bullion or ingot, silver sheets and plates which have undergone no process of manufacture
subsequent to rolling and uncurrent silver coin which is not legal tender in Pakistan or
elsewhere.
16. Import of Gold and Silver.
(i) The Federal Government by their Notification No.1(2) ECS/48 dated the 1st July, 1948
issued pursuant to sub-section (1) of Section 8 of the Act have prohibited, except with the
general or special permission of the State Bank, the import into Pakistan from any place outside
Pakistan of:
(a) any gold coin, gold bullion, gold sheets or gold ingot whether refined or not, and
(b) any silver bullion, any silver sheets or plates which have undergone no process of
manufacture subsequent to rolling or any uncurrent silver coin.
Import of gold and silver into Pakistan is, therefore, subject to State Bank’s
authorization.
(ii) Import of pure gold/silver and rough/uncut precious and semiprecious stones will be
allowed against export of gold/silver jewellery and cut and polished precious/semi-precious
stones in accordance with the procedure notified by the Government of Pakistan and the
instructions issued by the State Bank from time to time.
(iii) The State Bank vide its Notification No. F.E.1/94-SB dated the 20th March, 1994 has
granted general permission for import of gold into Pakistan from any place outside Pakistan as
accompanied baggage provided such imports are made in accordance with the existing import
policy.
17. Export of Gold and Silver.
Sub-section (2) of Section 8 of the Act prohibits the export of gold except with the
general or special permission of the State Bank. The State Bank, however, does not allow the
export of gold.
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Under the Act, there are no restrictions on the export of silver. Its export when allowed
requires to be declared on form 'E' prescribed for export by the State Bank and the export
proceeds are required to be repatriated within the stipulated period.
18. Declaration to Customs by Outgoing Passengers.
In terms of State Bank's Notification No.FE.4/91-SB dated the 26th February, 1991, all
persons are required to declare to the Custom authorities at the time of leaving Pakistan, jewellery
and precious stones carried by them in prescribed declaration Form 'CD' (Appendix V-86).
In order to ensure that the outgoing passengers do not face any difficulty in obtaining
'CD' forms and filling them at the time of their departure, airlines/shipping companies, travel
agents are required to supply these forms to the intending passengers at the time of issuing the
tickets so that the completed forms are with them before they enter the Custom Lounge.
