The State Bank of Pakistan (SBP) has placed a limit on international transactions through credit and debit cards in order to save foreign exchange reserves.
According to the details, the State Bank of Pakistan (SBP) has observed that debit/credit cards are being used for transactions, which are not aligned with the profile of the individual or are intended for commercial purpose.
Therefore, SBP has advised banks to ensure that the use of debit and credit cards for international transactions is aligned with the profile of card holders and for their personal needs only.
Besides, an annual limit of USD30,000 has been prescribed for individuals for international transactions on credit and credit cards.
It is emphasized that the purpose of credit and debit cards is to facilitate individuals in making payments for transactions that are of personal nature.
The limits on these cards as well as payments through them, both domestic and international, should therefore be aligned with the profile of the card holder.
Furthermore, the SBP says that it shall be the responsibility of a customer to ensure that his / her annual limit is not breached at any time.
However, the SBP has instructed banks to monitor these limits on consolidated basis for each individual.
Meanwhile, the SBP has also taken similar steps and revised limits on foreign currency cash-carrying while travelling.