All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
EXPORTS
TO ACU MEMBER COUNTRIES – PAYMENTS TO THE EXPORTERS
At
present different Authorized Dealers have adopted different
methods for making payments to the exporters in Pakistan
exporting goods to the buyers in the ACU member countries.
It has since been decided that in future, uniform method
will be followed by all the Authorized Dealers which is
given hereunder:-
-
Where
the negotiating bank maintains the ACU Dollar account
of the L/C-opening bank, it will debit the relative
ACU Dollar account, will take that U.S. Dollar amount
in its normal US$ Nostro accounts, will pay rupee equivalent
to the exporters at the Authorized Dealers’ T.T.
clean buying rate prevailing on the date of payment
and will report the transaction to the State Bank of
Pakistan on Schedule A/1
or A/2
as the case may be.
-
Where
the negotiating bank does not maintain the ACU Dollar
account of the L/C-opening bank, it will negotiate the
documents and lodge claim with the reimbursing bank
which in turn will debit the ACU Dollar account of the
L/c-opening bank, deliver the amount involved in U.S.Dollar
to the negotiating bank which will take the relative
amount in its normal U.S.$ Nostro account, will pay
rupee equivalent to the exporters at the Authorized
Dealers’ T.T. clean buying rate obtaining on the
date of payment and will report the transaction to State
Bank of Pakistan on Schedule A/1
or A/2
as the case may be.
