All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
PRIVATE
FOREIGN CURRENCY ACCOUNTS OF
RESIDENTS IN PAKISTAN
Attention
of Authorized Dealers in invited to Para 2 of F.E. Circular
No.32 dated the 23rd February, 1991 in terms of which foreign
exchange released from Pakistan for any purpose and foreign
exchange representing sale proceeds of goods exported from
Pakistan, earnings of residents on account of services,
earnings/profits of the overseas offices /branches of Pakistani
firms/companies and banks etc. are not eligible for credit
to the foreign currency accounts of resident Pakistanis
as the resident Pakistanis are legally required to surrender
such amounts to an Authorized Dealer in Pakistan against
payment in equivalent Pakistan rupees.
2.
It has, however, come to our notice that some Authorized
Dealers are crediting the amounts of indenting commission
etc. received from abroad to the foreign currency accounts
of the resident Pakistanis, which has been viewed seriously.
3.
Authorized Dealers are, therefore, advised to ensure that
such amounts are not credited to the foreign currency accounts.
4.
Please bring the above to the notice of your constituents.