All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
FOREIGN
CURRENCY ACCOUNTS
It
is clarified that, not withstanding the restrictions imposed
vide F.E. Circular No. 12 of 1998
as amended from time to time, donations towards the "National
Self Reliance Fund set up by the Government of Pakistan
can be made from Foreign currency Accounts. The intending
donor may draw a cheque payable to the "National Self
Reliance Fund-1 and request his banker to pay the amount
to the State Bank. The concerned bank will debit the account
with the foreign currency amount, convert it into rupees
at the rate of Rs 46 to a dollar (or as specified in F.E.
Circular 12 of 1998 for other currencies), pay the same
to the State Bank, reporting it as a donation in foreign
currency, arrange cancellation of the forward cover, if
any, and claim the exchange differential from the State
Bank. In case the donor sends the cheque to the State Bank,
it will be presented to the drawer bank for processing in
a similar manner.