Remittances by Overseas Pakistanis, through normal banking channels, are a vital source of balance of payments support for the country. Funds channeled through Hundi or other means bypass legal conduits and deprive the country of much needed support. Cognizant of the problem of diminishing home remittances the government has initiated concerted program to facilitate those Overseas Pakistanis who remit money through normal banking channels.
Towards this end, a special package of Foreign Exchange Remittance Card (FERC) has been implemented By Ministry of Finance in September 2001 to facilitate the Overseas Pakistan Community. OPF has been assigned the task to issue FER Cards.
Overseas Pakistanis remitting Foreign currency equivalent to US$ 2500 to US$ 50,000 per annum are entitled to five categories of Remittance Cards as per amount remitted.
Duty Credit in Pak. Rupees as per category of remittance card.
|Type of FERC||Amount Remitted Through Normal Banking Channel
(in US $ or equivalent foreign currency)
|Duty Credit In Rs.|
|Silver||2500 or more||10,000|
|Silver Plus||5000 or more||20,000|
|Gold||10,000 or more||30,000|
|Gold Plus||25,000 or more||50,000|
Overseas Pakistanis remitting foreign currency equivalent to US$2500 to US$ 50,000 per annum are entitled to the following incentives;
The duty credit can be redeemed against the duty payable on:
The redemption of the duty credit shall be endorsed by the Customs Official on the Passport of the Foreign Exchange Remittance Card holder with the following details:
Following is the Eligibility Criteria for Remittance Card.
How To Apply
After verifying the documents the card of prescribed category will be issued accordingly
|The validity period of Remittance Card is one year from the date of issue and card holders are entitled to avail the incentives till the expiry date.|
|Renewal of FERC|
|For renewal the same procedure and documents are required for re-issuance of FERC as mentioned above.|