All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

OPENING OF NON-RESIDENT PLS RUPEE ACCOUNTS BY FOREIGN SHIPPING COMPANIES / AIRLINES OPERATING IN PAKISTAN

Enquiries have been received whether the foreign shipping companies/airlines which are operating their ships/aircraft’s in/through Pakistan can open non-resident PLS rupee accounts with the Authorized Dealers in Pakistan. It is clarified that they cannot do so. The foreign shipping companies/airlines can, however, open non-profit bearing non-resident current accounts with the Authorized Dealers in Pakistan after obtaining specific permission from us. These accounts will obviously be opened for the purpose of keeping the freight/passage collections in Pakistan pending authorization of State Bank of Pakistan for remittance of such funds from the country.