SHALIMAR GARDEN

FERC

FOREIGN EXCHANGE REMITTANCE CARD (FERC)

SCHEME.

 Introduction
           Remittances by Overseas Pakistanis, through normal banking channels, are a vital source of balance of payments support for the country. Funds channeled through ‘hundi’ or other means bypass legal conduits and deprive the country of much needed support. Cognizant of the problem of diminishing home remittances, the government has initiated a concerted program to facilitate those non-resident Pakistanis who remit money through normal banking channels.
Towards this end, a special package has been implemented which is comprised of the following salient features:
Non-resident Pakistanis remitting foreign currency equivalent to US$2,500 per annum shall be entitled to:

  • Separate counters for special handling at arrival and departure lounges at airports.
  • Free issuance and renewal of passport on an urgent basis.
  • Duty free allowance of personal baggage, of a value of US$1000, during a calendar year.

Non-resident Pakistanis remitting foreign currency equivalent to US$10,000 or more shall be entitled to the following benefits:

  • Separate counters for special handling at arrival and departure lounges at airports.
  • Free issuance and renewal of passport on an urgent basis.
  • Duty free allowance of personal baggage, of a value of US$ 2,000, during a calendar year.
  • Duty free import of various electrical/machinery items such as DVD and CD players, tape recorders, sewing machines  and gas burners has been allowed.

Following facilities would be available in due course of time:

  • Special quota to be reserved in the public sector professional colleges and universities, while maintaining the minimum standards of the institution.
  • An allocation of upto 25% in initial Public Offerings (IPOs).
  • Ballot of choice-plots in public housing schemes at attractive prices.
  • Discount in auctions of industrial units by Corporate and Industrial Restructuring Corporation (CIRC).
  • Special allocation of shares in privatization of government owned entities.

Eligibility
           In order to avail the said privileges, Silver and Gold  Remittances Cards would be issued to Overseas Pakistanis by Overseas Pakistanis Foundation (OPF), who have remitted foreign currency equivalent toUS$2,500 and US $10,000 per annum, respectively, through normal banking channels.
The applicant should be a non-resident Pakistani and this certification must be ratified by Pakistan’s Mission in the country.
How to Apply

  •  As soon as the remitter achieves the remittance target (US$2,500 OR US$10,000) in the stipulated time frame, he may fill in the application form and submit it to the OPF Head Office in Pakistan or the Pakistani Mission abroad, along with the Remittance Book in person or through counter service.
  • FERC application forms and brochures are available in the Embassy. These can be obtained by sending a self-addressed postal envelop along with the request for the forms. Alternatively the same can be downloaded from the website: http://www.opf.org.pk.

Requisite documents for issuance of FERC:

  • Application form dully filled in all columns.
  • Photocopies of valid passport & CNIC/NICOP/POC.
  • Photocopies of remittance receipts as remitter of applicant.
  • Two colour photographs (passport size).
  • Encashment/Conversion Certificate if applicable.

Note:

  • Infants, minors and below the age of 18 years are not entitled for FERC.
  • Students are also not entitled for FERC.
  • Photocopies of remittance receipts issued by the bank/exchange companies may be provided with the application forms as evidence of remittances.
  • Amount will be calculated for the period of last one year from the date of application.
  • Forms must be filled in English with capital letters.

(In case remittances were made in Foreign Currency account in Pakistan then Encashment/Conversion Certificate is required from the concerned bank branch that remitted amount has been credited to Pak. Rupees account or paid in Rupees through bank. Otherwise, the remitter is not eligible for the issuance of FERC)

Upon verification, the Embassy would send the application to the OPF Islamabad on a weekly basis for issuance of Remittance Cards. OPF would return the new cards to the respective missions abroad for their onward dispatch to the applicants.

All registered mail in this connection should be sent to Embassy’s post box address: EMBASSY OF PAKISTAN
Box  5872, 102 40, STOCKHOLM. This will help us take a prompt action on your application.

Please visit the website http://www.opf.org.pk for further  information

(Telephone enquires about any important matter concerning consular cases are entertained only between1430 to 1700 hrs. For a speedy confirmation of the status of your application or any other questions, please Email us on consular@pakistanembassy.se )