FOREIGN TRADE DEPARTMENT
Incharge of the department is Mr. Noor. Foreign trade department deals in:
- Foreign currency account
- Exports
- Imports
FOREIGN CURRENCY ACCOUNT
Mainly this account deals in individual, personal and companies account
CRITERIA FOR OPENING FOREIGN CURRENCY ACCOUNT
There
are not hard and fast rules for becoming the Foreign Currency Account
holder. Bank wants only introduction of the Client and very little
about the background. I.D card is also not necessary, if someone has;
well and good, otherwise no restriction will be there for him.
FEATURES OF FOREIGN CURRENCY ACCOUNTS
There
will be legal protection for the account holders. According to foreign
exchange rules and regulation every citizen of Pakistan, either within
the Pakistan or outside the Pakistan, can open the foreign currency
account.
Resident firms and Resident Companies including investment Banks can open Foreign Currency Accounts.
All foreign nationals and foreign Companies in Pakistan or abroad can open Foreign Currency Accounts.
Opening
of Foreign Currency Accounts in the joint names of
residents/non-residents is permissible. Foreign Currency can be
deposited by:
- Remittance received from abroad
- Foreign Currency Notes
There will be no restriction and questioning to him about the
currency, which he wants to deposit that from where he got that money.
No Zakat will be deducted on these accounts; no Income Tax deduction,
no Wealth Tax deduction will be there.These incentives reinforce and
motivated the people to invest in foreign currency accounts rather to
keep the foreign currency idle.
Foreign currency accounts can easily be transferred from one
person to another, one place to another, with in the ACBL Branches or
in other Bank.
The account holder can transfer the funds freely, in any currency to any part of the world.
Foreign currency Accounts can be used for payment of purchases at Duty Free shops.
FACILITIES
This account provides following facilities:
- Traveling quota
- Out ward remittances
- In ward remittances receiving
- To make remittances procedure flexible
