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

Dear Sirs,

Special Convertible Rupee Account (SCRA)

It has been observed that Authorized Dealers frequently approach State Bank for approval for remittances of disinvestment proceeds where foreign investors maintain custody services and S.C.R.A with different institutions, and for remittances out of balances already lying in S.C.R.A of the foreign investor prior to 30th March 2000.

In this connection, it is clarified that in terms of the instructions contained in Para 9 Chapter XX of the Foreign Exchange Manual (Eighth Edition-2002), the fund available in such Special Convertible Rupee Accounts can be transferred outside Pakistan or credited to a foreign currency account maintained in Pakistan at any time without prior approval of the State Bank. Therefore, the above restrictions contained in our F.E. Circular NO.03 dated the 30th March 2000 are no longer in force.

You are, therefore, advised to follow the instructions contained in Para 9 Chapter XX of Foreign Exchange Manual (Eighth Edition-2002) in dealing with SCRA.