State Bank of Pakistan's out dated laws

[AZADPAKISTAN2009]

Apologies this thread perhaps was better suited for economy section

Purpose:
Investigating how easy it is to move funds to Pakistan for Business and private usage and also remove funds to buy business interest globally. Ease of moving pivate funds by Legal process


So I was reading some guidelines by State Bank wondering how does these restriction hinder ability of people to conduct Business of buy residential property abroad, buying business across foreign country or in Pakistan etc these laws make no sense


27. Migration.

Persons proceeding on migration abroad will be allowed by the State Bank a foreign exchange quota of US$50/- per head against sponsored migration visa and US$500/- per family against non-sponsored visa. Migrants to USA/Canada against non-sponsored visa will be allowed a compulsory minimum quota of US$260/- per family. They may at their option also obtain additional exchange quota upto US$500/- inclusive of the compulsory quota. Application for the purpose should be made on the prescribed form (Appendix V-69).

28. Business Travels Abroad.

Persons proceeding abroad on business visits are allowed exchange facility at the rate of US$300/- per day subject to a maximum of US$9000/- per person for countries other than India and Afghanistan. For India business travel quota is allowed @ US $40/- per day subject to a maximum of US$1,200 /- per person.



Note: In western countries Hotel stay for 1 day is like 100 bucks
For Education / University purpose the cost is easily 30,000 USD - 50,000 USD

If you were a Trader who was importing goods example , music radio set to Pakistan you wanted to import large quantity cost would be 10,000-50,000 USD
how do folks do business in Pakistan with existance of the odd rules ?



The existing rules appear to be from 1952 out dated laws in 2018 society


The rules appear very "Anti Business"

 

[Viking 63]

We have very limited foreign reserves.

 

[AZADPAKISTAN2009]

Well interesting concept however , if you think about if the Commerce or Business environment is so restrictive why would Pakistanis Abroad move their finances into Pakistan ? If they will have difficult to move their profits or move finances also to international location


It does not makes sense that a Business man will bring investment into Pakistan , and then when he/she makes profit they can't move funds in/out easily ? From a business prespective this kind of rules don't make sense , as money which belongs to person belongs to them


In case they do Business world wide ?


For example I see Banks from Hong Kong (Back when they were independent) , they facilitated their nationals to move their funds easily across Hong Kong to Western front , and many folks from Hong Kong also established successful business internationally due to strong support overseas and that translated into indirect Jobs creation in Hong Kong as well as they imported goods from Hong Kong to western front

For example there are China Town , Korea town etc or other similar villages in major cities and you see many folks from Asian centers who have opened business centers so obviously this was only possible due to Investment and ease of doing business

I see many places where hong kong / chinese investors have bought businesses world wide


I see many examples of other citizens of world able to Take their investment and apply it Globally and also locally depending on 100% Freedom provided to the citizens of state

• Ease of moving finances = More attractive market Pakistan becomes for investors