In Foreign Exchange and
Investment Banks holding
Restricted license to deal
In Foreign Exchange,
DEBT RETIREMENT PROGRAMME
to F.E. Circular No.6 dated the 9th
April, 1997 on the above subject.
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 &
Please bring the above to the notice of your constituents.