Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 33
March 15, 1992 

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

MOBILIZATION OF FOREIGN CURRENCY
DEPOSITS BY THE INVESTMENT BANKS

Attention of  Authorised dealers is invited to instructions contained in paragraphs 6 and 7, Chapter xx of the Exchange Control Manual as revised vide F.S. Circulars Nos. 84, 104 and 122 of 1991 regarding issue and transfer of  securities in favour of non-residents, where such non-residents want to make investment in Pakistan.



2.   It has now been decided by the Government to allow non-residents to trade freely in the shares quoted on the Stock Exchanges in Pakistan. For this purpose the non-residents will be required to open a Special Convertible Rupee Account with any Authorised Dealer in Pakistan. Such accounts can be fed by remittances  from abroad. The balance available therein can be used for purchase of any share quoted on the Stock Exchange. Payment for such purchases may be debited to the account on production of stock broker's memo showing sale of charges to the account holder and sale proceeds  of chares may be credited provided evidence of the sale prices on the shape of stock broker's memo on produced. The fund available in such special rupee account can be transferred outside Pakistan at any time without prior approval of the  State Bank. 


3.    The Authorised Dealers will be required to submit to the Senior Deputy, Exchange Control Department, Investment Division, Central Directorate, Karachi a statement showing the balance as on 30th June each year in each such individual account, the total amount of inward remittances in the account and the market value of stock held by the account holder as on 30th June



4.   The procedure for reporting transactions routed through the 'Special convertible rupee Account and the relative code numbers will be advised shortly.

(S.A.S.AZMAT)
Senior Deputy Director
       
Home
About SBP
Publications
Economic Data
Press Releases
Circulars/Notifications
Laws & Regulations
Monetary Policy
Help Desk
SBP Videos
Feedback
Contact us
What's New?
Speeches
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Library
Rupey ko Pehchano
Events
Zahid Husain Memorial Lecture
Careers
Sitemap
 
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.