Legal Question in Banking Law in Pakistan
Hello sir, this is Choudhry Atif (Assit. Manager Imports)working in Askari Bank Ltd Centralized Foreign Trade Unit lahore pakistan, i have question that when letter of credit open in pakistan and we have received documents against this specific letter of credit but documents over drawn than lc amount, we will not remmit extra or over drawn foreign currency only up to or equilant to usd:500 as per state bank of pakistan regulation but in case of contract registration if we have received documents more than contract amount an d more than usd 500/= then in this case we again need state bank of pakistan approval or we can remmit this contract plus over drawn amount in case of coontract??
1 Answer from Attorneys
500 is the minimum level, all above transaction shall require set procedure to be adopted.
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