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Payment of Plot in Dollars,

(116768)
   Habib
Tuesday, July 9, 2019 07:13 PM 
Reply: >
I would like to ask people having experience in Pakistan Banking system that is it Possible to Issue a Pay order or Security deposit SDR in Dollars, I know that a Demand draft can be made but it Involves the payment through New York Banking system and Dollars are credited in 2 weeks,
With the widening gap between open and Interbank Conversion Rate and Banks do not even pay rates neat interbank this option can be of Value for the selling who is planning to buy Dollars after selling the plots we can mutually agree on Mid of Buying and selling rate. It will save money both for buyer and seller.
I can transfer the money by Cheque before transfer but that will Compromise the safety of deal
Ahsan replied on Wednesday, July 10, 2019 02:00 AM 

In Pakistan you cannot make payorders or any other instrument in USD for such transactions.
DD for specific purpose like fee payment can be made.
If you have USD account in Pakistan, you cannot even make a cross cheque to another USD account. :)
Ali replied on Wednesday, July 10, 2019 02:00 AM 

In Pakistan you cannot make payorders or any other instrument in USD for such transactions.
DD for specific purpose like fee payment can be made.
If you have USD account in Pakistan, you cannot even make a cross cheque to another USD account. :)
Overseas replied on Wednesday, July 10, 2019 10:38 AM 

Appreciate for experts guidance on FC accounts in Pakistan.
Normaly NRPs like to keep their saving in Pak in FC account in USD to avoid exchange rate fluctuation. Beside that they prefer to keep their option open to take their saving back abroad if need be. What is the legal status of such accounts if the acct holder is filer or non filer. What is the legal status if USD changed to PKR through money changer for any purpose including property purchse.
Wheather the bank will issue PRC if USD changed with bank on inerbank rate.
PRC is a requirment of FBR as proof of remittance which is tax free and FBR uses a word " through proper banking channel" then this very surprizing the money changer is doing bussiness in front of FBR office.
Ali replied on Wednesday, July 10, 2019 11:39 AM 

There is no restriction of opening FC account for non filers till now.
You always have to withdraw the FC and carry it to the money changer.
Once the remittance is into your Pakistani account (FC or pkr), there is trail. No worries.
There is no way in Pakistan that you can have inter-bank rate. You always have to go to open market.
Habib replied on Wednesday, July 10, 2019 05:40 PM 

I guess Ali Your information is not updated, Coming back to Overseas
Yes an overseas Person or in lander can open an Account in Foreign Currency He should be filer for that this was implemented in 2018 end.
If you have opened a FC Account in Pakistan Before 2018, then you can not deposit any Dollars in that account until you are a filer. You can Draw Money inform of Pak Currency based upon interbank rate of market. I guess you cant draw Dollars as well
If You are filer then you can deposit or Draw Dollars, However to draw $ is tedious Process as Most of Branches will say we don't have cash Dollars.
In my case main purpose of opening Dollar account was to Purchase property, Keeping Dollars in Pakistan would Fetch me same rate as best remittance like tez Raftar UBL or HBL but before opening Dollar Account in Most cases I had to Complete the deal staying abroad, Like I am Hunting a Plot I will Finalize the deal from UAE, Transfer Money in Form of Rupee to My Pakistani account and then reach Pakistan to execute deal. Keeping Dollar Account gave me freedom that I could finalize any deal during my stay in Pakistan and arrange money within few Hours, Incase no lucrative deal then come back, money will not devalue staying in Dollars.
I almost always chased dollars through Bank for my USD account to PKR account. Once I asked money dealer to Come to bank and take dollars and deposit money to my PKR account, as I wanted to avoid handling cash. To my surprise he offered me the rate even lesser than Inter Bank Rate hence I thought why to Break money trail just for nothing or a nominal Benefit,
By the way to be a filer is very easy for overseas, FBR accepts you Passport and Foreign ID Card as an evidence and gives you active NTN in few Hours and Later You can File a simplified empty page for overseas Filer called 140 That also is accepted right away.
Without becoming filer you cant run FC account and Neither you can buy any property No matter 50 Lac or lesser so it is no more optional.
I never got PRC yes it is Possible to get and you can ask your bank but if you have valid money trail FBR will ask for it only if there is a serious case or notice against you.
Overseas replied on Wednesday, July 10, 2019 08:01 PM 

Habib Sahib thanks for input. I made a mistake in 2015 . I sent USD in my account. Came to Pak , slected a house , asked my bank to change my USD , they refused as the interbank rate was falling. Had no option except to change with money changer and i suffered loss. Had to make pay order. Completed the deal and I returned. Now the amenesty 2019 came. I checked with lawers and declared all my assets as per lawer advice to get away ftom expected FBR notices.
It is adviseable to brothers , do not change with money changer especialy if you are buying property. FBR may ask for PRC. Always use propr banking channel.
Ahmed replied on Thursday, July 11, 2019 02:40 AM 

@Habib
What the procedure of getting interbank rate? Suppose I have USD account and I want to get it cashed at interbank rate. Where the money will be converted to, since my account is USD?
Could you please advice?
Ali replied on Thursday, July 11, 2019 05:08 AM 

Habib sahib, can u guide as tax return form for overseas is simple one, but u don't hv to mention if any property is bought, only has to show that more than half of year spent out Pakistan, but what to do with this property if in future you have been asked? I filed return last year through tax layer and asked him same question and he just this simple form to show half of time out country.
Irfan replied on Thursday, July 11, 2019 08:52 AM 

@Ali along with tax return, you should also submit wealth statement for declaring your property etc
Habib replied on Thursday, July 11, 2019 01:59 PM 

Ahmad, It is very easy if you have USD and Rupee Account in same bank, I go to manager and ask to credit some USD in my PKR account, He sends an email to their Head office in Karachi, the reply Comes with in 20 minutes that we are offering this rate this rate usually very Close to interbank buying Rate Like Interbank buying rate is 156 Rs per Dollar they offer you about 155.45 for example, They tell that is spot rate, But I understand they want to Keep some Margin from Max Interbank Rate, It is advisable to forward request at about 10AM and Rate is a bit more, Towards the closing time they offer less.
MR Ali, there are 3 steps
First you should get Password and Pin by Registering to FBR Iris site , For that you should have a working sim and not previously registered with any other name FBR system preferably should be in your name. Best time to Register it on day time at night time mostly sever errors come.
Second is your registration form that already laying there you go to drafts and see it and make changes to it, If you are overseas preferably Mention in Property address the Overseas address, If you don't own that property Mention its value 0 , you will have to mention the percentage ownership this is system glitch you can mention 1%, Like I mentioned that I am staying in an Apartment arranged by Employer and its value is 0 and my ownership is 1%. to support that you can make one attachment of your Passport front visa and Exit entry Pages and submit it in Place of ownership proof, you may submit the Electric bill or any other municipality bill of that residence if your mane is shown on that. Then you submit,
soon Confirmation Comes and they issue a Tax payer certificate and your becomes active Tax payer. It is Optional to go to declaration and submit a 114 Form for overseas who have zero income in Pakistan it is one page simple form as you declare yourself non resident [staying more than 183 days outside Pakistan] You can sign it blank. Or if you have paid any tax in previous year in non filer rate you can mention and get refund in form of Tax Credit{I did not go to that detail] My main purpose was to remove the restriction from my dollar account and I informed my Bank who did all the amendments within one day.
The Last Step can be asset declaration as It is Clearly mentioned in Q&A of FBR site that for overseas that assets declaration is not mandatory for overseas unless asked by Commissioner then you will have to do, I did not do that.
Habib replied on Thursday, July 11, 2019 02:11 PM 

@ Irfan wealth statement is not mandatory for the overseas, However as I mentioned if asked I will have to submit, that too should not be difficult. My main purpose was to Document in FBR system that I am overseas, other wise Notices from FBR were must based on Property Transection or Bank deposit more than 5 Lac.
NADRA FBR system is different it shows what data FBR have against your ID Card Number, They have Travel History, Property transection list in last 2 years Cars under your name and Possibly Bank accounts, They Don't display all the things like balance etc due to sensitivity or incase your password is hacked.
As I told before to remain NON-Filer is not optional anymore.
Ali replied on Friday, July 12, 2019 09:59 AM 

@Habib sab
One question please.
How to get a foreign remittance certificate? And from where to get it?
Overseas replied on Friday, July 12, 2019 11:06 AM 

Ask your bank in Pakistan. Your bank will provide PRC if you have remittance in your Pak Rps account. Or if you have remitance in FC account and you have asked your bank to change you FC to PKR on interbank rate then you can get PRC for that alongwith other remitances. Further your bank statement is also a proof of temitance and you can ask the bank for PRC if it is really required. One lawyer told me your remitance should be executed through pproper banking channel ,means amount should be remitted through bank and not throough money changer from abroad.
Mery bhai Humara system kch esa hey k kabhi poora hathi guzer jata hey or kisi ko pta nhi hota or kabhi hathi ki dom key ek baal ko paker liya jata hey.
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