All
Authorised Dealers
in
Foreign Exchange & Money Changers,
Dear
Sirs,
OPENING
OF SPECIAL FOREIGN CURRENCY ACCOUNTS BY SHIPPING COMPANIES.
Attention
of Authorized Dealers is invited to paragraphs 5 & 6,
Chapter XIV of Foreign Exchange Manual (8th Edition, 2002).
2.
In terms of Para 5(ii) of Ministry of Communications and
Railways (Communications Division)’s Notification
No. 3(4)/97-P&S II. Vol-II dated the 11th August, 2001
regarding Pakistan Merchant Marine Policy 2001, it has now
been decided to delegate the powers to Authorized Dealers
to allow Shipping Companies to open Special Foreign Currency
Accounts in Pakistan.
3.
Consequently, the following may be added as sub-paragraph
(i) of paragraph 6 of Chapter XIV ibid.
(i)
“Ship owners, charterers and operators and/or owners,
charterers, and operators of all floating crafts including
tugs, dredgers, survey vessels and other specialized crafts
may open and operate foreign currency accounts in Pakistan.
They will be permitted to operate these accounts for both
receipts and payments of foreign exchange. Such foreign
currency account holders may retain their surplus earnings
in these accounts and shall surrender the same within three
months of closing of the financial year. Foreign partners
in Pakistan based Joint Venture companies may receive their
share of profits after tax. Operation of such account will
be subject to the following conditions;
a)
Cash deposits and cash withdrawals from these Accounts will
not be permitted.
b)
All reporting requirements that are applicable for existing
Foreign Currency Accounts maintained by the Shipping Companies
abroad would also be applicable to those special Foreign
Currency Accounts.
c)
All withdrawals in Pak Rupees will be at Interbank rate”.
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