All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

ISSUE OF FOREIGN EXCHANGE BEARER CERTIFICATES TO FIRMS AGAINST INWARD REMITTANCES

Attention of Authorized Dealers is invited to F.E. Circular No.38 of 1985 as amended from time to time.

2. It is clarified that Foreign Exchange Bearer Certificates may also be issued to Corporate entitles excluding banks operating in Pakistan provided remittance of equivalent foreign exchange is received in favour of the Office of Issue as an unrequited transfer specifically for the purchase of Foreign Exchange Bearer Certificates.

3. It may, however, please be noted that foreign exchange released from Pakistan for any purpose and foreign exchange representing sale proceeds of goods exported from Pakistan, earnings of the residents on account of services, foreign currency funds brought into Pakistan for fixed or working capital requirements, earnings/profits of the overseas offices/branches of Pakistani firms/companies and banks etc. will not be eligible for issue of Foreign Exchange Bearer Certificates in any case and the residents will continue to be subject to the existing legal requirement of surrender of such funds to an Authorized Dealer within the prescribed time limit.