We are pleased to share update for Members information that the instructions pertaining to Issuance and Renewal of Restricted Authorizations to deal in foreign currencies for PHA Member hotels under FE Circular No. 4 of 2004 of State Bank of Pakistan have been updated and consolidated under Chapter 3 of the Foreign Exchange Manual (FEM) per enclosed.
In the light of above, all requests for grant or renewal of Restricted Authorizations from PHA Members would be considered based on revised instructions / regulations under Rule No. 2 ( i, ii, iv & v ) of Chapter 3 of FEM. Additionally PHA has been requested to advise its member hotels to ensure that monthly data submission requirements under Rule No. 3 ( vii ) of Chapter 3 of FEM are complied with as per prescribed format already shared with all member hotels having SBP Restricted Authorization to deal in foreign currencies.
Pakistan Hotels Association
