All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

ACCOUNTS OF DIPLOMATIC MISSIONS,
INTERNATIONAL ORGANIZATIONS ETC

Attention of Authorised Dealers is invited to the instructions issued vide F.E. Circular No. 18 dated 5th July, 1999 on the captioned subject. It has been decided that the Diplomatic Missions accredited to Pakistan, their Diplomatic Officers and home-based members of the Missions’ staff in Pakistan, as also all international organisations in Pakistan and their expatriate employees may be allowed by the Authorised Dealers to open special foreign currency accounts outside the scope of Foreign Currency Account Scheme FE 25 Scheme, for the purpose of receiving funds from abroad. Receipts into these accounts will not be required to be surrendered by the Authorised Dealers to the State Bank and the Authorised Dealers may retain such balances in their Nostro accounts in addition to their tradiang Nostro limits. Such balances shall, however, be reported in columns 10 and 11 of the "Statement of Foreign Currency Balances Held Abroad" in the proforma prescribed at page 5 of Appendix V of the Manual. The special foreign currency accounts may be used for remittances abroad through normal banking channels, issuance of foreign currency denominated travellers cheques and for payment to a Duty Free Shop in Pakistan. Withdrawals in the shape of foreign currency notes will be allowed only for the purpose of travel abroad, subject to a maximum limit of $ 5,000 (or equivalent thereof in other currencies) per person per visit. Conversion of amounts from such accounts into Pak rupees shall be done only through the inter bank market and the rupee amounts so converted may be credited to a rupee account, as mentioned in F.E. Circular No. 18.