All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
AMENDMENT
IN EXCHANGE CONTROL
MANUAL (6TH EDITION – 1987)
Attention
of Authorised Dealers
is invited to para 4 of F.E. Circular No.33 dated the 15th
March, 1992 regarding trading in shares quoted on the Stock
Exchanges in Pakistan on repatriable basis by non-residents.
The procedure to be following in this behalf is appended:-
I.
The inward remittances! for credit into Special
Convertible Rupee Accounts will be reported on S-1
Summary statement under item No.3 Schedule "H"
for purchase
side while rupee equivalents thereof will
be reported under item No.5 of credits i-e payments
side of S-4 Summary statement
II.
Debits to such accounts in respect of purchase
of shares will be reported as under:-
Code List No 5 - Invisible Receipts
I - Long-term capital
D - Portfolio Investment in Pakistan
Purpose Description
Code No.
Portfolio
Purchase of shares
9818
Investment - quoted on Stock'
Private
Exchange (s) By
Non-residents
Credits to the accounts in respect of sale of
shares will be reported as under: -
Code List No 7 Invisible Payments
I - Long-term Capital
D - Portfolio Investment
Purpose
Description
Code No.
Portfolio
Sale proceeds of
9818
Disinvestments - Shares
quoted on
Private
Stock Exchange (s)
III.
In case of issuance of Foreign Exchange Bearer
Certificates (FEBS) by debiting the Special Convertible
Rupee Accounts the issue of FEBC will be
Converted in the monthly foreign exchange returns
as follows:-
Code
list No.5-Invisible Receipts
I -
Long-term capital
D-
Portfolio Investment in Pakistan
Purpose
Description
Code No.
Official
portfolio
Debit to special
9816
Investment
Convertible Rupee
Foreign
Exchange
Account
Bearer
Certificates
As regards the encashment of FEBC and payment of
premium/profit thereon, the procedure as laid down in F.E.Circular
No.38 dated the 22nd July 1985 may be followed:-
IV.
In case of issuance of U.S.Dollar Bearer Certificate (DBC)
by debting the Special Convertible Rupee Account at the
exchange rate obtaining on the date of withdrawal the transactions
will be reported as under:-
Code
List No.5 Invisible Receipts
I-
Long-term capital
D-
Portfolio Investment in Pakistan
Purpose
Description
Code No.
Official Portfolio
Debit to special
9817
Investment
convertible Rupee
Purchase of Dollar
Account at the
Bearer Certificates
exchange rate obtaining
on
the date
of withdrawal
The procedure as laid down in Circular letter No.19?ECP-12(49)/91
dated the 22nd April, 1991 may be followed in case of encashment
of DBC and payment of premium/profit thereon.
V.
Withdrawals from the Special convertible Rupee Accounts
in local currency for purposes other than those mentioned
in Para II, III & IV may be reported as under:-
Code
list No.5 Invisible Receipts
G-
Unrequited Transfers
Purpose
Description
Code No.
Family
Debit to Special
9610
Maintenance
Convertible Rupee
Account for
Personal use
The
country code will be reported as 2270