All
Authorised Dealers
in
Foreign Exchange
Dear
Sirs,
REDEMPTION
OF SPECIAL US DOLLAR BONDS
OF 3 YEARS MATURITY-PROCEDURE THEREOF
Please
refer to EDMD Circular No.4 dated 11-08-2001 regarding redemption
of SUSDBs of three years maturity wherein options of encashment
in PKR and re-investment of the amount were provided in addition
to redemption of bonds in US Dollars.
In
this regard, you are advised to provide/insert Sub para iv
& v if para 4 of procedure relating to issue, management,
repayment etc. for SUSDBs (Bearer or Registered) for 3, 5
& 7 years maturity circulated vide our letter No.SD/3930/3(166)-98
dated 07-12-1998 and follow as detailed below:
1.
For redemption of SUSDBs in US Dollar, para 4 of procedure
is to be followed by using SUSDB Form-8 and Form-9.
2.
For redemption in PKR and for availing reinvestment option,
new Sub paragraphs as (iv) and (v) are to be inserted in para
4 of the procedure as under:-
Para
4 Sub Para (iv)
Bonds
of 3 years maturity are encashable in PKR on or after maturity
date with 5 % bonus on the total rupee face value of the
bond, after applying rupee conversion rate preceding the
maturity date. After repayment, a daily report shall be
forwarded by the office of issue, to their head office in
SUSDB Form 8A-I and head office will claim reimbursement
there against from SBP in SUSDB Form9A-I alongwith submitting
Bond duly discharged by the holders and authenticated by
issuing office.
Para
4 Sub Para (v)
(a)
SUSDBs of 3 years maturity presented for reinvestment shall
be accepted duly discharged by holder of the bond with identification.
In case of registered category the bonds will be accompanied
with the prescribed Form (Annexure – I) of the procedure
referred above duly filled in and signed by the beneficiary.
(b)
Bonds presented for reinvestment will not be stamped as
“paid” and instead on back side of each bond,
a stamp be affixed as “discharged on (date) on account
of reinvestment, with effect from (date) ” duly authenticated
by authorised official of the issuing office.
(c)
The investor will be issued new bonds by the issuing offices,
mentioning the date of reinvestment effective from maturity
date. The bonds issued as roll over will carry remarks on
the upper face of the bond as “ Issued against Re-investment”
(d)
Discharged bonds will be sent by issuing offices to their
head offices in Form-8B with detail of bonds issued as reinvested.
Main office of the banks will report the position with the
discharged bonds to State Bank of Pakistan in Form-9B.
|