Circulars/Notifications - Exchange and Debt Management Department  
 EDMD Circular No. 16
October 07, 2002 

All Scheduled Banks/NBFI's

Dear Sirs,

Amendment in Special US Dollar Bonds Rules, 1998

Please refer to EDMD Circular No. 04 dated 11th August 2001 enclosing therewith Government Notification No. S.R.O. (I)/2001 dated 11th August 2001 in terms of which following sub rule (3) to Rule 10 of Special US Dollar Bonds Rules, 1998 was added:

“Rule 10(3) Face value of bonds of three years’ maturity may be reinvested for further a period of three years or seven years starting from the date of redemption at a profit of six months’ LIBOR on the day preceding the date of payment plus two percent.”

The Government of Pakistan vide their notification No. S.R.O. (I)/2002 dated 16th September 2002 (photocopy enclosed) have omitted the above cited sub-rule (3) of Rule 10.

Encl:(01)


Yours faithfully
(MUHAMMAD SHAKIR)

Director
       
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