Head Office / Principal Office of All
Authorised Dealers in Foreign Exchange,

Dear Sirs,

EXPORT PROCEEDS

• Attention is invited to para 5.1 of F.E. Circular No. 38 dated July 21, 1998 in terms of which 50% of net export proceeds after deduction of commission as permitted vide paragraph 29(I) and (ii) - Chapter XII of the Foreign Exchange Manual was to be surrendered immediately to the State Bank of Pakistan. The remainder was allowed to be held in Special Exporters' Accounts for a period upto 14 Calendar days.

• It has now been decided that the remainder 50% may be held in Special Exporters' Account upto seven working days only. At any time during the 7 days period, the exporter will be free to sell to any Authorised Dealer of his choice. The other instructions will remain the same.

• You are advised to note these instructions carefully and immediately convey the same to all your branches authorised to deal in foreign exchange.