Please refer to the
instructions contained in BPRD Circular No.23 dated July 2,
1998 on the captioned subject.
2. It is clarified that our above referred
Circular will not be applicable in the following cases:-
a. Foreign
currency deposits mobilized under our Foreign Exchange Department's
F.E. Circular No.45 dated 11th August 1935, as amended from
time to time.
b. Foreign currency deposits
under National Debt Retirement , Programme (NDRP).
c. Foreign
currency deposits made by firms and companies in Pakistan.
out of foreign currency purchased from the market, for
the purpose of holding exchange risk cover relating to any
foreign currency loan obtained by them from abroad under any
loan agreement registered with the State Bank of Pakistan.
3. Other instructions on the subject
shall remain unchanged.
Please
acknowledge receipt.
|