Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 07
June 20, 2000 

All Authorised Dealers/
Shipping Companies in
Pakistan,

Dear Sirs,

EXPORT OF SOFTWARE

Attention of authorised dealers is invited to paragraph 3 of F.E. Circular No. 40dated the 31st October, 1996 regarding the above in terms of which the requests of Software Houses/Companies to make remittances of commission to their overseas buyers are being considered and allowed by the State Bank on the basis of documentary evidence on case to case basis.

In order to simplify the above procedure and provide them the facility to meet overseas expenses without delay, it has since been decided that the Software Houses/Companies may retain 25% of their export earnings in special foreign currency account with the Authorised Dealers. The funds held in such foreign currency accounts will be used exclusively for payment of commission to the overseas buyers and to meet other expenses such as promotional publicity, import of Hardware/software, foreign consultants' fess etc. without prior approval of the State Bank of Pakistan. The Authorised Dealers should ensure that such accounts are exclusively fed through export earnings of the concerned exporter of software

Yours faithfully,
-Sd-(M. R. MEHKARI)
Director
       
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