All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
ISSUE
OF SHARES IN FAVOUR OF NON-RESIDENTS
Authorized
Dealers may please refer to paragraph
7(a), Chapter
XX of the Exchange Control Manual, as revised vide F.E.
Circular No.84 dated the 14th May, 1991. In terms
of the instructions contained therein, companies issuing
shares in accordance with the instructions contained in
sub-paragraph
6(a) are permitted to open foreign currency collection
accounts with banks abroad for receiving the subscription
in foreign currency. They are also authorized to allow refunds
to unsuccessful applicants. The amounts subscribed by the
successful applicants are required to be repatriated to
Pakistan within a week of the allotment of shares.
2.
It has been brought to the notice of State Bank that after
the amounts subscribed by successful applicants are repatriated
to Pakistan, some applications are rejected during post-ballot
scrutiny. Authorized Dealers are hereby authorized to approve
remittances representing refunds of subscription money in
such cases on receipt of a request from the concerned company,
after verifying from their records that the subscription
money was repatriated to Pakistan through them.
