All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
INVESTMENT
ABROAD BY RESIDENT PAKISTANIS
Enquiries
are being received whether equity investment abroad by residents
of Pakistan including firms and companies incorporated in
Pakistan is permissible under the liberalized policy of
the Government.
2.
It is clarified that residents of Pakistan including firms
and companies incorporated in Pakistan can make investment
Inc companies incorporated abroad on repatriable basis through
Foreign Exchange Bearer Certificates subject to the following
conditions:-
-
The
investor should make a return to the Senior Deputy Director
(Investment Division), Foreign Exchange Department,
State Bank of Pakistan, Central Directorate, Karachi
within one month of acquiring the securities giving
particulars in respect of the said securities, in the
specimen given in Appendix V-97
(copy enclosed) of the Foreign Exchange Manual.
-
The
Dividend/Sale Proceeds of the shares (including capital
gains) shall be repatriated to Pakistan through normal
banking channels. Such amount will not be allowed to
be credited to the Foreign Currency Account or for purchase
of Foreign Exchange Bearer Certificates/other Pakistani
securities on repatriable basis.
3.
Please bring the above to the notice of your constituents
concerned.