Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 24
March 21, 1993 

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

Attention of Authorized Dealers is invited to F.E. Circular No.33 dated the 15th March, 1992 conveying permission to non-residents to trade freely in the shares quoted on the Stock Exchanges in Pakistan through "Special Convertible Rupee Accounts" maintained for this purpose.

2. The following further instructions are issued in this regard:-

  1. Dividend payable to the non-residents maintaining special convertible rupee accounts may also be credited to such accounts.

  2. The term’s "remittance from abroad" as used in the 3rd sentence of paragraph 2 of F.E. Circular No.33 of 1992 and "transferred outside Pakistan" as used in the last sentence include transfer from/to a foreign currency account maintained by a non-resident with an Authorized Dealer in Pakistan.

  3. In case of transfer of shares between two non-residents maintaining special convertible rupee accounts as permitted vide F.E. Circular No.33 of 1992, the consideration money may be transferred from the special convertible rupee account of the buyer to the special convertible rupee account of the seller.

3. The Authorized Dealer maintaining the special convertible rupee account of the non-resident 'Seller' will issue a certificate to the effect that the securities are held by the seller on repatriable  basis (indicating name of the company, date of purchase of shares and the source of financing etc.). This certificate will be kept on record by the Authorized Dealer making payment on  behalf of the buyer.

4. Similarly, the Authorized Dealer maintaining the special convertible rupee account of the non-resident 'Buyer' will issue a certificate confirming that the purchase price of shares (indicating date of sale agreement, number of shares, price per share, name of the company etc.) has been paid by debit to the special convertible rupee account of the said buyer. On the basis of this certificate, the non-resident seller’s special convertible rupee account will be credited by the concerned Authorized Dealer.

 

       
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