All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

FOREIGN CURRENCY ACCOUNTS

It has been brought to our notice that the Investment Banks / Leasing Companies and Madarba Companies have opened foreign currency accounts with the Authorized Dealers in Pakistan and have deposited therein the amounts of foreign currency loans obtained by them from abroad. It is clarified that the amounts of foreign currency loans do not qualify for being deposited in the foreign currency accounts under the Private Foreign Currency Accounts Scheme which should be noted carefully and brought to the notice of your Constituents. You may also scrutinize the record relating to foreign currency accounts of Investment Banks / Leasing Companies / Madaraba Companies and convert into Pakistan rupees the amounts held therein case the relative amounts represent the proceeds of the foreign currency loans raised by the account-holders.