In exercise of powers vested in the State Bank of Pakistan under the Banking Companies Ordinance 1962, it has been decided that opening of all types of import letters of credit by banks except those listed in the enclosed Annexure shall be subject to a minimum of 35% cash margin. Furthermore, the import of caustic soda (PCT Heading 2815:1200) shall continue to attract cash margin requirement of 100% as at present.

These instructions shall be enforced with immediate effect.

Please acknowledge receipt.

Encl: List of items which require no margin on import L/C.