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EMBASSY OF PAKISTAN
Web-Site:
www.pakistanembassy.se |
Karlavagen
65, 1Tr, Tel:8-20 33 00 |
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FOREIGN EXCHANGE REMITTANCE CARD (FERC)
SCHEME.
Introduction
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 a concerted program to facilitate those non-resident Pakistanis who remit money through normal banking channels.
Towards this end, a special package has been implemented which is comprised of the following salient features:
Non-resident Pakistanis remitting foreign currency equivalent to US$2,500 per annum shall be entitled to:
Separate counters for special handling at arrival and departure lounges at airports.
Free issuance and renewal of passport on an urgent basis.
Duty free allowance of personal baggage, of a value of US$1000, during a calendar year.
Non-resident Pakistanis remitting foreign currency equivalent to US$10,000 or more shall be entitled to the following benefits:
Separate counters for special handling at arrival and departure lounges at airports.
Free issuance and renewal of passport on an urgent basis.
Duty free allowance of personal baggage, of a value of US$ 2,000, during a calendar year.
Duty free import of various electrical/machinery items such as DVD and CD players, tape recorders, sewing machines and gas burners has been allowed.
Following facilities would be available in due course of time:
Special quota to be reserved in the public sector professional colleges and universities, while maintaining the minimum standards of the institution.
An allocation of upto 25% in initial Public Offerings (IPOs).
Ballot of choice-plots in public housing schemes at attractive prices.
Discount in auctions of industrial units by Corporate and Industrial Restructuring Corporation (CIRC).
Special allocation of shares in privatization of government owned entities.
Eligibility
In order to avail the said privileges, Silver and Gold Remittances Cards would be issued to Overseas Pakistanis by Overseas Pakistanis Foundation (OPF), who have remitted foreign currency equivalent to US$2,500 and US $10,000 per annum, respectively, through normal banking channels.
The applicant should be a non-resident Pakistani and this certification must be ratified by Pakistan’s Mission in the country.
As soon as the remitter achieves the remittance target (US$2,500 OR US$10,000) in the stipulated time frame, he may fill in the application form and submit it to the OPF Head Office in Pakistan or the Pakistani Mission abroad, along with the Remittance Book in person or through counter service.
FERC application forms and brochures are available in the Embassy. These can be obtained by sending a self-addressed postal envelop along with the request for the forms. Alternatively the same can be downloaded from the website: http://www.opf.org.pk.
Remittances would be ordinarily acknowledged/stamped in the Remittance Book through the remitting bank. In case the remitting banks do not verify the transaction in the Remittance Book, the remitter may get the acknowledgement receipt of remitted amount from the bank and get the same acknowledged/stamped into the Remittance Book by the concerned Foreign Mission/OPF.
Upon verification, the Embassy would send the application to the OPF Islamabad on a weekly basis for issuance of Remittance Cards. OPF would return the new cards to the respective missions abroad for their onward dispatch to the applicants.
All registered mail in this
connection should be sent to Embassy's post box address:
EMBASSY OF PAKISTAN
Box 5872, 102 40, STOCKHOLM. This
will help us take a prompt action on your application.
Please visit the website http://www.opf.org.pk for further information
(Telephone enquires about any important matter concerning consular cases are entertained only between 1430 to 1700 hrs. For a speedy confirmation of the status of your application or any other questions, please Email us on consular@pakistanembassy.se )
Updated on 12 August 2010
