All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

ISSUE OF SECURITIES AND NIT UNITS TO PERSONS RESIDENT OUTSIDE PAKISTAN ON NON-REPATRIABLE BASIS

Attention of Authorized Dealers is invited to the instructions contained in sub-Para (d) of Paragraph 6, Chapter XX of the Foreign Exchange Manual.

2. The following amendment may please be made in the Foreign Exchange Manual:-

CHAPTER XX

The existing sub-Para (d) of Paragraph 6 may be revised to read as under:-

"Issue of Pakistani Securities of all types including NIT Units but excluding shares of companies not quoted on stock exchange, in favour of persons resident outside Pakistan, on non-repatriable basis, if payment is made in Pakistan rupees provided the securities are registered at the Pakistan address of the purchaser and a clear undertaking is furnished by him that no repatriation of capital and profits/dividends accruing thereon will be claimed at any stage."