1.
The rules relating to maintenance and operation of private
foreign currency accounts notified by us from time to
time are partially modified as under:-
-
No
new foreign currency accounts will henceforth be opened
in the name of resident Pakistani nationals, resident
firms and companies including foreign controlled companies
functioning in Pakistan.
-
Withdrawals
from the existing foreign currency accounts - whether
maintained by the resident or non-residents - have
been temporarily suspended till further orders. State
Bank of Pakistan is developing a criterion for allowing
withdrawals from these accounts. Till such time as
the criterion is developed, withdrawals may be made
in Pakistan rupees if so desired by the account-holders.
Payments in such cases may be made at the RATE OF
Rs. 46 per dollar (and at this rate crossed with New
York's closing mid-rate for the previous working day
in respect of other currencies) and the difference
between the booked rate - where forward cover has
been obtained from State Bank - and the rate at which
payment is made, may be claimed from the respective
Chief Manager of State Bank of Pakistan and the relative
forward cover contract cancelled to that extent.
2.
Instructions contained in the preceding paragraph will
also apply to the Certificates of Investment issued by
the non-bank financial institutions.
3.
The instructions contained in paragraph 1 above will not apply to the foreign currency
deposits brought under F.E. Circular No. 45 of 1985. No
premature withdrawals of these deposits would, however,
be allowed.
4.
The foreign currency accounts maintained by the diplomatic
missions accredited to Pakistan, their non-resident employees,
all international organizations in Pakistan viz. IMF,
IBRD, ADB and their non-resident employees are not affected
by the instructions contained in paragraph 1 above.
5.
The restrictions mentioned in paragraph 1 above would not apply to the special foreign
currency accounts allowed to be opened by firms/companies
in Pakistan for receiving foreign equity and foreign currency
loans for the purpose of import of plant and machinery,
and to foreign currency accounts opened by IPPs in terms
of F.E. Circular No. 16 of 1996
or in terms of specific permissions given to them.
6.
The encashment of Foreign Exchange Bearer Certificates
/ US Dollar Bearer Certificates and Foreign Currency Bearer
Certificates, including payment of profit in foreign exchange,
is also hereby temporarily suspended. The holders can,
however, encash these instruments and obtain the profits
in Pakistan rupees. The encasement of US Dollar denominated
instruments will be made @ US$ 1 = Rs. 46.00 while the
formula for conversion of other currencies will be the
same as indicated above for conversion of the amounts
held in the foreign currency accounts. Other terms and
conditions applicable for encasement of these instruments
will remain unchanged.