All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
ACCOUNTS
OF DIPLOMATIC MISSIONS,
INTERNATIONAL ORGANIZATIONS ETC
Attention
of Authorised Dealers is invited to the instructions issued
vide F.E. Circular No. 18 dated 5th July, 1999 on the captioned
subject. It has been decided that the 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 may be allowed by the Authorised Dealers to open
special foreign currency accounts outside the scope of Foreign
Currency Account Scheme FE 25 Scheme, for the purpose of
receiving funds from abroad. Receipts into these accounts
will not be required to be surrendered by the Authorised
Dealers to the State Bank and the Authorised Dealers may
retain such balances in their Nostro accounts in addition
to their tradiang Nostro limits. Such balances shall, however,
be reported in columns 10 and 11 of the "Statement
of Foreign Currency Balances Held Abroad" in the proforma
prescribed at page 5 of Appendix V of the Manual. The special
foreign currency accounts may be used for remittances abroad
through normal banking channels, issuance of foreign currency
denominated travellers cheques and for payment to a Duty
Free Shop in Pakistan. Withdrawals in the shape of foreign
currency notes will be allowed only for the purpose of travel
abroad, subject to a maximum limit of $ 5,000 (or equivalent
thereof in other currencies) per person per visit. Conversion
of amounts from such accounts into Pak rupees shall be done
only through the inter bank market and the rupee amounts
so converted may be credited to a rupee account, as mentioned
in F.E. Circular No. 18.