ISLAMABAD: Federal Board of Revenue (FBR) Wednesday issued draft rules to make it mandatory for outbound passengers to make declaration of currency amounting above $5,000.
The FBR issued draft amendment to Baggage Rules, 2006 by issuing SRO 1751(I)/2022 dated September 20, 2022. The revenue body said that the draft rules had been published for information of all persons likely to be affected and notice is also given that objections or suggestions may for consideration of the board should be sent within seven days of the draft amendments, says a press release on Wednesday.
According to the amendment, in case of accompanied baggage, the outbound passenger who is in possession of foreign currency exceeding $5,000 or equivalent, any other prohibited or restricted item or any other item requiring declaration before Customs, shall file a declaration before or on departure, electronically in the WeBOC or manually.
Similarly, the incoming passenger who is in possession of foreign currency exceeding $10,000 or equivalent, any other prohibited or restricted item or any other item requiring declaration before Customs shall file a declaration.
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