Will Rupee Devalue Further? Economic roller coaster

[mgalaxy3]

You can definitely get proof that it's remittance. Sometimes they do show up as local transfer when the partner or intermediary bank of xoom in pk is different from your own bank.

Just ask your branch manager to get prc certificates against those transactions. If he doesn't listen to u or cooperates, give in writing that u will complain to banking mohtasib.

The bank doing this local transfer to ur account u can also contact their remittance department.

[hasankhurshid29]

Thanks for explaining

[Panther]

Depends on personality of branch manager. Being a premier customer for almost 10 years at Meezan Bank, I have seen three managers and all were very helpful and courteous. They always have links with money dealers and in my case the manager called in the dealer and got me a good exchange rate, while rest of the process was handled personally by him.

[uzeemujeeb]

this document has provision of forex remittance

https://www.sbp.org.pk/fe_manual/chapters/chapter10.htm

another news item from FBR is ease of money transfer.

https://www.thenews.com.pk/print/885912-fbr-concedes-tax-exemption-on-remittances-from-three-channels

[hussain182]

‘Ease of money transfer’ is only one-way. Try sending money out of the country and you’ll know.

[uzeemujeeb]

to send money outside Pakistan as in university college fee or import of material there is a channel which is legal and banks do that such transfers regularly.

specially the commercial importers establish letter of credits against the beneficiary invoices.
money transfers via money changers is also legal if complete details of sender and beneficiary are submitted against undertaking for purpose of transfer.

[capsat]

Try sending money out of the country and you’ll know.

that was one reason 'money laundering' JDM vehicle smuggling has come to an end.
fake passports, sending money through money changers claiming ' IMPORT / SELF IMPORT ' nonsense.
-

Bankers have advised us not to forecast or calculate or quote, for landed price of imports at anything value less then Rs. 180 for the final quarter of 2021.

[chameleons]

I am still looking for a service that will take my Pak rupees and wire USD into my account or will give me a pay order of a local bank so my bank can clear it instantly.

Buying USD and depositing them in cash form is so hectic for me

any recommendations?

And I also heard from someone that Government can freeze all foreign currency accounts whenever they want to and they did it once so is it true and what is the risk??

[OgRe1985]

Dont think too much. Get usd from market and deposit in your USD account. The service you are looking for the ones who have connections in Bank. If you dont have one then you have to do the above mentioned procedure. The service you are looking for is not available OFFICIALLY.

[HellsGuardian]

one option is to contact a good money exchanger regarding this and see if they can help. I suppose if amount is considerable they might consider giving such service.

[mehran]

In 1998, after the nuclear tests the government did indeed seize all forex accounts in Pakistan to pay off debts as sanctions were imposed on Pakistan. So seizing of forex accounts by the government at any time is very much possible.

[chameleons]

so do you lose all the money when they seize your account? or do they pay you equivalent Pak rupees against your USD balance?

I mean it is our hard earned money so how they can just take it away? it can't be legal.

[Nabs]

This article from DAWN published October 2020 says that its not allowed to deposit money purchased from foreign currency dealers.

https://www.dawn.com/news/1584420

[VCheng]

They pay you back in PKR at the official rate. And it is very much legal.

[chameleons]

Tax filers are allowed to buy and deposit cash in their accounts.

https://www.dawn.com/news/1584524

SBP has made it clear that you can buy and deposit cash from exchanges if you are a filer.

[chameleons]

If they pay you back at official rate then it is fine. I thought they just take away your money whenever they want to.

[capsat]

US government will run out of money by October 18, Treasury secretary says

US Dollar may loose its global muscle for a while.

[VCheng]

Only if the debt ceiling is not raised, which will be.

[mehran]

They pay you back in PKR at the official exchange rate. However, our political leaders at the time transferred all their forex assets to UAE one night before seizing of forex accounts, thereby saving their own assets. So it's very legal to do so.

[Xulfiqar]

Pray tell what school of thought this belongs to.