Karachi, April 29, 2023 (PPI-OT):OICCI President, Amir Paracha, along with MC Members Erum Shakir Rahim, Waqar Irshad Siddiqui, and Umar Ahsan Khan, and CE/Secretary General, M. Abdul Aleem, met with Governor SBP, Jameel Ahmad to discuss the way forward on dividend remittance issues and present other remittance concerns highlighted in OICCI’s Remittance Survey 2023.
Amir Paracha shared the concerns of the foreign investors on dividend remittance as in the ongoing fiscal year-to-date, profit repatriation decreased by 82 percent. Clearance of LC payments was also discussed as restricted imports threaten the business continuity of organizations.
Jameel Ahmad, Governor SBP, shared that restrictions on LC payments have been majorly relaxed and will be eased in the coming future. Commenting upon OICCI’s recommendations to ease the dividend remittance issues, he shared that investing pending dividend into a specific bank account and repatriating the amount along with the profit, not less than SBP’s announced discount rate, to overseas shareholders, was the most feasible option. Deferred payment was also viable as long as the currency risk is borne by the companies.
For more information, contact:
Overseas Investors Chamber of Commerce and Industry (OICCI)
Chamber of Commerce Building, Talpur Road, P.O. Box 4833,
Karachi – 74000, Pakistan
Tel: +92-21-32410814-5
Fax: +92-21-32427315
Email: info@oicci.org
Website: http://oicci.org/