The State Bank of Pakistan has recently updated its policy on the limit for carrying foreign currency for travelers abroad. According to a circular issued by the State Bank, the new policy sets limits for both minors and adults. Under the updated policy:
Adults (18 years and above) can now carry foreign currency equivalent to $5,000 per visit. Minors (below 18 years) can carry foreign currency equivalent to $2,500 per visit. The annual limit for adults to take out foreign currency is $30,000, while for minors, it is $15,000.
The updated limits are effective immediately for maximum limit per person per visit. However, for the calendar year 2022, the existing annual limits will continue to be effective until December 31, 2022. From 2023 onwards, the annual limits will be for a calendar year starting from January 1 to December 31.
It is important to note that individuals who carry foreign currency must make a declaration to the Customs office. This declaration requirement applies to both minors and adults.
Previously, the limits for taking foreign currency were much higher. A minor (up to age five) was allowed a maximum limit of $1,000 per visit or an annual ceiling of $6,000. A child (between 5-18 years) was allowed a maximum amount of $5,000 per visit or an annual ceiling of $30,000, while an adult (above 18 years) was allowed a maximum amount of $10,000 per visit or an annual ceiling of $60,000.
It is crucial for travelers to comply with the updated policy on carrying foreign currency abroad. By understanding the new limits for both minors and adults, the annual limits, and the declaration requirements, travelers can ensure they comply with the regulations set out by the State Bank of Pakistan. This will avoid any inconvenience or penalties while traveling and will contribute to the smooth functioning of the banking system in Pakistan.
In conclusion, if you are a traveler planning to go abroad, make sure to check the updated policy on carrying foreign currency and abide by the limits and declaration requirements. It is always better to be aware of the regulations beforehand to avoid any issues later.