July 16, 2006	Sunday	Jumadi-ul-Sani 19, 1427

KARACHI, July 15: The State Bank has allowed professional bodies to remit foreign exchange to their principals abroad. Authorised dealers are already allowed to make remittances on behalf of individuals covering subscriptions or membership fee at actual, to scientific, technical, professional and educational institutions aboard.

“With a view to further enhance scope of this permission, it has since been decided that in addition to the individuals, the above facility will also be available to institutions and professional bodies in Pakistan with international affiliations,” said a circular issued by the SBP on Friday.

Authorised dealers may allow remittances on account of membership or affiliation fees payable by a local business or professional entity to the principals abroad, said the circular.