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