All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
FOREIGN
CURRENCY LOANS FOR EXPORTS
Please
refer to para 6
of F.E. Circular No.24 dated the
20th July, 1995 on the above subject.
2. Some confusion
appears to exist in the matter of utilization of the proceeds
of the export bills in repayment of the amounts of foreign
currency loans obtained in terms of the above F.E. Circular
and interest accruing thereon less taxes. It is clarified
here that it is not necessary to repatriate the proceeds
of the export bills to Pakistan first and then to arrange
remittance in repayment of the debt. The amounts of the
export bills realized abroad can straightaway be used in
repayment of the amount of the relative debt and interest
less taxes. The reporting procedure outlined in the above
F..E Circular will, however, meticulously be followed.
3. Please
bring the above to the notice of your constituents
