All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

PRIVATE FOREIGN CURRENCY ACCOUNTS OF
RESIDENTS IN PAKISTAN

Attention of Authorized Dealers in invited to Para 2 of F.E. Circular No.32 dated the 23rd February, 1991 in terms of which foreign exchange released from Pakistan for any purpose and foreign exchange representing sale proceeds of goods exported from Pakistan, earnings of residents on account of services, earnings/profits of the overseas offices /branches of Pakistani firms/companies and banks etc. are not eligible for credit to the foreign currency accounts of resident Pakistanis as the resident Pakistanis are legally required to surrender such amounts to an Authorized Dealer in Pakistan against payment in equivalent Pakistan rupees.

2. It has, however, come to our notice that some Authorized Dealers are crediting the amounts of indenting commission etc. received from abroad to the foreign currency accounts of the resident Pakistanis, which has been viewed seriously.

3. Authorized Dealers are, therefore, advised to ensure that such amounts are not credited to the foreign currency accounts.

4. Please bring the above to the notice of your constituents.