Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 53
June 23, 1994 

AAll Authorized Dealers
In Foreign Exchange,

Dear Sirs,

ISSUE AND TRANSFER OF WAPDA BOND (6TH ISSUE) IN FAVOUR OF NON-RESIDENTS ON REPATRIABLE BASIS

It has been decided by the Government to allow investment by non-residents (including overseas Pakistanis) in WAPDA Bonds (6th Issue).

2. Accordingly, the State Bank has granted the following exemptions to WAPDA from the provisions of Section 13 (1) of the Foreign Exchange Regulation Act, 1947:-

    1. Issue of registered WAPDA Bonds (6th Issue) under the WAPDA Bonds 6th Issue Regulations, 1994 on reportable basis and transfer of such bonds i.e. registered on reportable basis to non-residents (including overseas Pakistanis) provided the issue price or purchase price as certified by a Stock Exchange Broker is paid in foreign exchange either by a remittance from abroad through normal banking channels or out of subscriber / buyer’s foreign currency account maintained in Pakistan.

    2. Transfer of registered bonds held by a non-resident in terms of sub-para (a) above on reportable basis to other non-residents on the same basis, against payment outside Pakistan, provided a Certificate to this effect is given by the transferee to WAPDA.

3.

  1. WAPDA will advise Investment Division, Foreign Exchange Department, State Bank of Pakistan, Central Directorate, Karachi, name of the Authorized Dealers (bank branches authorized to deal in foreign exchange) designated for remittance of profit and maturity proceeds of the bonds issued / transferred in terms of Para-2 above to non-resident holders.

    1. After issue / transfer of the bonds in favour of non-residents, in the manner indicated at Para-2 above, WAPDA shall send an intimation in enclosed format (Annexure 'A') in duplicate in respect of all the non-residents alongwith Proceeds Realization Certificates (in original)showing the amount of sale price received in foreign exchange in Pakistan, Broker’s Memo (in original), Certificate of Transferee where applicable, to the designated Authorized Dealers. The designated bank will retain a copy of Annexure 'A' and pass on the second copy alongwith the original Proceeds Realization Certificate, Brokers Memo / Transferee Certificate as applicable to the Foreign Exchange Department (Investment Division), State Bank of Pakistan, Central Directorate, Karachi.

    2. Subject to the observation of the procedure outlined in sub-para (a) & (b) above, WAPDA may export the bonds to non-resident owners and the designated Authorized Dealers may allow remittance of profit / maturity proceeds as well as dis-investment proceeds as certified by a Stock Exchange Broker, not of taxes, if livable.

       
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.