UPDATED F.E. CIRCULAR
All Authorised Dealers Dear Sirs, FOREIGN CURRENCY ACCOUNTS, FEBC, DBC AND FCBC. 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:-
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 encashments will be made and re-imbursement of subsidy claimed in the manner prescribed in paragraph 1 (ii). Other terms and conditions applicable for encasement of these instruments will remain unchanged.
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