F.E. Circular No. 10
May 06, 1997 

All Authorized Dealers
In Foreign Exchange and
Investment Banks holding
Restricted license to deal
In Foreign Exchange,

Dear Sirs,


Please refer to F.E. Circular No.6 dated the 9th April, 1997 on the above subject.

2. Enquiries have been received about the scope of Investment Banks’ participation in the National Debt Retirement Programme. In this connection, it is advised that the NDRP does not call for issuance of Certificates of Investment; it only envisages donations and Qarz-e-Hasna to be accepted for credit to the Government account and acceptance of deposits for a tenure of 2 years and above to be kept with the Authorized Dealers in Pakistan. As Investment Banks have been permitted only to mobilize foreign currency resources from outside Pakistan through issuance of Certificates of Investment, they can not accept funds for being kept in deposit with them. Further, as mentioned above, the NDRP Scheme does not envisage issuance of Certificates of Investment. Therefore, the Investment Banks can accept funds under the NDRP-I & II only.

3. Please bring the above to the notice of your constituents.

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