All Head Offices/Principal Offices
of Authorized Dealers In Foreign Exchange.

Dear Sirs,

LAUNCHING OF NEW SAVING SCHEME(S)
BY DIRECTORATE OF NATIONAL SAVINGS

Authorized Dealers may be aware that Directorate of National Savings has recently launched scheme(s) for Pakistanis that would fetch foreign exchange for Pakistan. The Authorised Dealers are advised to please report such transactions as follows:-

Code List No.5 Invisible Receipts

Long Term Capital

The receipts of foreign currency on account of sale of Special Saving Certificates and Defense Savings Certificates may be reported on schedule J/O-3 (Invisible Receipts).  

Purpose	Description	Purpose Code
a) Sale of Special Savings Certificates and Defense Savings Certificates	Remittances received on account of sale of           Special Savings Certificates          and Defense Savings Certificates	9822

Code List No.7 Invisible Payments
Investment Income
The payment of interest and repayment of principal amount of SSC & DSC may be reported on schedule E-4/P-4 (Invisible Miscellaneous Payments).

a) Repayment of Principal (DSC, SSC)	Remittances made on account of repayment of principal (DSC, SSC)	1822
b) Payment of Interest on (SSC, DSC)	Remittances made on account of  Payment of interest on (SSC, DSC)	1222

Accordingly, the phrase “and National savings instruments” given in the description against purpose code 9815 (code list No.5 Invisible Receipts) and “It also includes – remittances on account of sale proceeds of National Savings Instruments like Khas Deposit Certificates etc.” against purpose code 1815 (code list No.7 Invisible Payments), may be deleted there from.

You are requested to bring the above to the notice of all the constituents.