All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

NATIONAL DEBT RETIREMENT PROGRAMME

Attention of Authorised Dealers is invited to F.E. Circular No. 2 of 1997 and F.E.Circular No. 24 of 1998 regarding repayment of NDRP-II (Qarz-e-Hasna) and NDRP-III (Profit bearing) deposits in foreign currency on the due dates.

The deposits accepted under NDRP-II and surrendered to the State Bank were required to be repaid on the basis of payment authority to be issued by the Economic Affairs Division, Government of Pakistan. It has now been decided that Authorised Dealers may allow encashment of NDRP-II Deposits on maturity in the currencies in which these deposits were made and lodge claims with State Bank of Pakistan for reimbursement in rupees at their opening composite rate of exchange. Such claims may be lodged with the same office of the State Bank of Pakistan where the deposits were surrendered, alongwith a statement in duplicate in the enclosed proforma for each deposit repaid by the Authorised Dealers.

The NDRP-III deposits are required to be repaid by the Authorised Dealers under the procedure prescribed for "Foreign Currency Accounts" by utilizing the counter part rupees available with them for obtaining the required amount of foreign currency from the State Bank against the forward cover obtained on payment of the prescribed fee. They are therefore, advised to make payment to NDRP-III Depositors when they approach the Authorized Dealers for encashment on the respective date of maturity, by obtaining delivery of the foreign currency amount from State Bank of Pakistan on payment of the rupee amounts at the booked rate of exchange.

- Details of Re-Imbursement claims in respect of repayment of NDRP-II deposits received in Foreign Exchange