Circulars/Notifications - Exchange and Debt Management Department  
 EDMD Circular No. 10
August 06, 2003 

All Banks/NBFI’s

Dear Sirs,

Amendment in Special US Dollar Bonds Rules 1998

Please refer to our EDMD Circular No. 16 dated 7th October 2002 enclosing therewith Government Notification dated 16th September 2002 in terms of which the following sub rule 3 of Rule 10 of the Special US Dollar Bonds was omitted:

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 vide their Notification No. S.R.O. (I)/2003 dated 4th August 2003 has directed that the above sub rule shall deem to have been omitted with effect from 7th October 2002. It means that those Special US Dollar Bonds reinvested till 7th October 2002 shall deem to have been reinvested.

Encls: (01)

Sd/-
(Muhammad Arif)
Junior Joint Director
       
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