All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
ACCOUNTS
OF DIPLOMATIC MISSIONS,
INTERNATIONAL ORGANIZATIONS ETC
Attention
of Authorised Dealers is invited to the instructions contained
in paragraphs 8 & 9, Chapter XVI of the Foreign Exchange
Manual regarding maintenance of convertible and non-convertible
rupee accounts by Diplomatic Missions etc. it has been decided
that in view of this provision, which meets all legitimate
requirements for foreign currency, the facility of foreign
currency account as described in Chapter VI of the Manual
and F.E. Circular No. 25 of 1998 shall no longer be available
to Diplomatic Missions accredited to Pakistan, their Diplomatic
Officers and home-based members of the Missions staff
in Pakistan, as also all international organisations in
Pakistan and their expatriate employees. It has also been
decided to amend some provisions of paragraph 8 of Chapter
XVI. Accordingly, the following amendments are made in the
Manual : -
-
Para
1(a) Chapter VI
The
words "all diplomatic missions accredited to Pakistan,
their Diplomatic Officers, all International Organisations
in Pakistan" appearing in the fifth sentence of
paragraph 1(a), Chapter VI are deleted.
-
Para
8 Chapter XVI
Item
(v) of permissible debits to Convertible Rupee Account
1 substituted with the following and item (vi) is
added, as under : -
"(v)
Issuance of foreign currency notes not exceeding
$ 100 per person and foreign currency travellers
cheques for the purpose of travel abroad.
-
Payments
in foreign exchange to a Duty Free Shop in Pakistan."
The
revised version of paragraph 8 Chapter XVI
is enclosed.
-
It
would be permissible for the Authorised Dealers to allow
withdrawals from the existing Foreign Currency Accounts
of this category of account holders till such time the
balance therein is exhausted, or to convert the amounts
into rupee for credit to a Convertible Rupee Account,
at the option of the account holder.
STATE
BANK OF PAKISTAN
FOREIGN
EXCHANGE DEPARTMENT
KARACHI
F.E.D
Circular No. 19 July 5, 1999
All
Offices,
Please
distribute the above F.E. Circular No. 18 among all Authorised
Dealers in your area.
Revised
Paragraph 8 Chapter XVI
-
Under
the rules, all Diplomatic Missions accredited to Pakistan,
their Diplomatic Officers
and
home-based members of the Missions staff in Pakistan
as also all international organisations in Pakistan and
their expatriate employees are allowed to maintain two separate
Rupee accounts with banks in Pakistan viz. (I) convertible
rupee account and (ii) non-convertible Rupee account. Operations
on these accounts are subject to the following rules:-
-
The
convertible Rupee account can be credited with the following
:-
-
Foreign
exchange received from abroad through normal banking
channel.
-
Foreign
exchange encashed in Pakistan with any Authorised
Dealer.
-
Transfer
from any other convertible Rupee account.
Other
credits to the convertible Rupee accounts would require
the prior permission of the State Bank.
The
convertible Rupee account can be debited with the following
without the permission of the State Bank.
-
Payments
in foreign exchange abroad.
-
Credit
to any other convertible Rupee account.
-
Transfer
to a non-convertible Rupee account.
-
Local
disbursements.
-
Issuance
of foreign currency notes not exceeding $100 per person
and foreign currency travellers cheques, for the purpose
of travel abroad.
-
Payments
in foreign exchange to a Duty Free Shop in Pakistan.
-
The
non-convertible Rupee account can be credited with the
following : -
-
Transfer
of funds from convertible Rupee account.
-
Remittances
received from abroad through banking channel.
-
Other
receipts from authorised sources.
Remittance
from a non-convertible Rupee account or transfers therefrom
to a convertible
Rupee
account is not permissible. This account can, however, be
debited freely without State Banks permission for
making local payments.
All
payments to officials of Foreign Missions and International
Organisations are to be made from the convertible Rupee
accounts of the Foreign Missions/International Organisations
by credit to the convertible Rupee accounts of the said
officials maintained with banks. The officials are free
to transfer such amounts from their convertible Rupee account
to their non-convertible Rupee account as they may consider
necessary for meeting their local expenses from time to
time.