OF ALL FOREIGN EXCHANGE TRANSACTIONS
of Returns to State Bank.
and Procedure for Reporting of Transactions.
of Foreign Exchange Transactions.
of Summary Statements.
Schedules and Forms of the Summary Statements.
of Imports under Loans, Credit and Grants.
and Closing Balances.
of Despatch of Statements “S-1”, “S-4”, “S-5” and “S-6”
to the State Bank.
on Private Non-Resident Rupee Accounts.
of Exchange Position.
of Outstanding Import Commitments.
of Blocked Accounts and Securities.
1. Maintenance of
Dealers should maintain proper record of all dealings in foreign
exchange in their books including transactions on non-resident
2. Submission of
Returns to State Bank.
Dealers should take utmost care in compilation of various returns/statements
prescribed in this as also other chapters so that all transactions
are correctly and duly reported. They should also ensure that
these returns/statements are invariably sent to the State Bank
on due dates.
Basis and Procedure for Reporting of Transactions.
system of reporting transactions is designed to compile figures
on the basis of actual entries in the currency accounts so that
there are no suspense items. Authorised Dealers should report
transactions as per following procedure:
Export bills drawn under irrevocable letters of credit.
in respect of export bills negotiated by Authorised Dealers
should be reported as purchases only at the time entries are
made in the currency account duly supported by Schedule 'A'
and Forms 'E'.
Export bills drawn on collection basis.
Authorised Dealers also purchase export bills drawn on collection
basis. Transactions relating to such export bills should be
reported as an outright purchase against "Exports"
in the summary statement after the transaction is put through
the currency account on receipt of advice of realisation of
the export proceeds.
(ii) OTHER RECEIPTS
procedure indicated in sub-paragraph (i) (a) above should also
be followed with regard to D.Ds. and M. Ts. etc. In other words,
purchases in respect of D.Ds. and M.Ts. etc., should be reported
only when the transactions are put through the currency accounts.
In case of import bills drawn under letters of credit, the foreign
currency accounts of the Authorised Dealers are debited at the
time of negotiation of documents by their foreign correspondents.
Accordingly, sales on account of import bills drawn under confirmed
and irrevocable letters of credit should be reported when the
transaction is put through the currency account on receipt of
import documents and not on the basis of retirement of bills
by the importers.
All sales on account of imports are required to be supported
by the original copy of the Form
‘I’. In view of the time-lag between the date of receipt of
the import bills and the date of their retirement by the importers,
it may not be possible to submit original copy of Form
‘I’ duly signed by the importers. In such cases, Authorised
Dealers should fill in the quadruplicate copy of the Form
‘I’ and submit it alongwith the relevant schedule and the summary
statement. The original copy of the Form
‘I’ should be submitted after it has been signed by the importer,
which will be at the time of retirement of the bill.
Authorised Dealers will forward to the State Bank a monthly
statement showing particulars of the Form
‘I’originals of which have not been sent by them to the State
Bank, giving reasons for their non-submission. These statements
should reach the State Bank by the 7th of the following month
and should bear running serial numbers.
With regard to import bills received on collection basis, the
transactions will be reported on Schedule E-2 supported by
relating to D.Ds. and M.Ts. issued by the Authorised Dealers
should also be reported only at the time entries are made in
the currency accounts.
Rupee accounts of foreign banks and correspondents including
barter accounts should also be reported by Authorised Dealers
in the manner indicated in this para.
Coding of Transactions.
Dealers are required to give code numbers for all transactions
pertaining to receipts as well as payments whether under cash,
loan, credits or barter on the relevant prescribed forms as
also in the columns provided in the relevant schedules, excepting
stubs given on the right hand top of the schedules relating
to "Period", "Authorised Dealer" and "Currency"
whose coding is done in the State Bank.
code lists are provided for the following items:
entering code numbers on various schedules, the code lists mentioned
below against each schedule should be referred to :
stubs earmarked for 'Department' are to be used in cases of
transactions relating to imports and invisible payments. All
payments by Government and Semi-Government agencies out of cash
resources should be correctly co-related with those given in
Code-8 and code number given accordingly. Where payments for
imports or invisibles are made by private parties out of cash
resources, the Code No.501 of Code-8 will be given under 'Department'.
Dealers should ensure that the description of transactions given
in the relevant forms conforms to the nomenclature given in
the Code Lists. Coding should be done with extreme care. It
is advisable to entrust the Coding work to experienced and responsible
members of the staff. To guard against any possible misclassification,
coding should be got checked independently. For all amounts
equivalent to Rs. 1 Lac and above, the checking of codes should
be done by supervisory staff.
5. Returns of Foreign Exchange Transactions.
Dealers should report to the State Bank particulars of foreign
exchange transactions effected by them i.e. all outward and
inward remittances made whether through their accounts in foreign
currencies or through the Rupee accounts of non-resident banks.
For this purpose, Authorised Dealers should submit to the State
Bank a summarized statement of their transactions in each currency
in which a position is maintained by them and also summary statement
of transactions effected on the Rupee accounts of non-resident
banks maintained with them for each month, reaching the respective
area office of the Exchange Policy Department by the 3rd of
the following month from branches and by the 10th from Head/Principal
Offices of Authorised Dealers.
summary statements should be submitted on:
for transactions in all foreign currencies (Appendix V- 100).
for transactions on Rupee accounts of non-resident banks (Appendix V- 101).
for transactions under Rupee barter (Appendix V- 102).
for transactions in foreign currency notes (Appendix V- 103).
6. Compilation of
Each summarized statement will be an abstract of the Authorised
Dealer's ledger account and will consist of totals under specified
heads. Opening and Closing balances should be added making each
summary a complete and balanced statement.
Authorised Dealers will complete one "S-4" statement
for each period in which consolidated figures of all non-resident
bank accounts maintained with them will be given. It will not
be necessary to complete a separate "S-4"
statement for each non-resident bank account.
iii) The Head/Principal Offices of the designated banks maintaining
the barter accounts will incorporate their branch transactions
against the respective heads provided in the summary statement.
For this purpose, the branches of the designated banks will
forward every month copies of the related coded schedules, showing
their transactions under each barter agreement to their Head/Principal
Offices, which should prepare one consolidated statement and
relative schedules for each barter agreement on the basis of
entries passed through the respective barter accounts.
the case of exports under barter arrangements, Authorised Dealers
should affix rubber stamp on the relative Form
'E' with the following narration: -
Exchange Agreement with (Name of the Country) _________dated_________
branches of the designated banks shall submit the relative forms
and schedules alongwith "S-5" statement
to the area offices of the Exchange Policy Department.
iv) Statement "S-6"
is to be submitted in duplicate.
7. Supporting Schedules
and Forms of the Summary Statements.
support the details of the totals entered in the summarized
statements, every statement must be accompanied by schedules
and the relative forms as indicated in the summarized statements.
The schedules should be compiled as under :
& PAYMENTS SCHEDULES
"A-1", "A-2", "A-3", "J", "E-2", "E-3" and "E-4" are given combined
heading as follows:
headings have been provided to facilitate preparation of Schedules
'O' & 'P' in respect of transactions
of branches, which do not maintain independent currency positions,
but operate on the foreign currency accounts of the Head/Principal
Office/another branch and themselves submit unbalanced Summary
Statements "S-1" and "S-4" to their
area offices of the Exchange Policy Department. The procedure
for preparation of these schedules by the branches, which do
not maintain independent currency positions is given subsequently
in this para.
"A-1", "A-2" and "A-3" (APPENDICES
105 and V-
of foreign currencies or debits to non-resident bank Rupee accounts
covering proceeds of exports from Pakistan will be listed on
Schedules "A-1", "A-2" and "A-3" as follows:
"A-1": In cases
'E' is certified against a purchase of foreign currencies
or debit to non-resident Rupee account, the transaction must
be listed on a relative Schedule "A-1" in triplicate
showing the number of the Form 'E' and the amount.
"A-2": In cases
where no Form
'E' is certified at the time of purchase of foreign
currency or debit to non-resident Rupee account, the particulars
will be listed on Schedule "A-2" in triplicate.
Such cases will fall into two categories:
payments for goods to be exported.
realisation where the triplicate of the Form 'E'' will be lodged
with the State Bank at the time when final proceeds are received.
an advance payment is received for an export, the Authorised
Dealer must make out an "Advance Payment Voucher"
V-18). When the Form
'E' is ultimately made out and a deduction shown
for the advance payment, the date of the "Advance Payment
Voucher" must be stated on the Form 'E'.
proceeds of exports are received and the Form
'E' is not available or in case of part realisation,
a voucher "Export Receipts: Form
'E' not attached" (Appendix
V- 111) must be completed.
Payment" and "Export Receipts: Form
'E' not attached" voucher must be listed on
"A-3": In cases
Form is certified against purchase of foreign currencies
or debit to non-resident Rupee account for re-export of imported
goods the transaction will be listed on Schedule A-3
of Schedules "A-1", "A-2" and "A-3" must be cast
and the total of "A-2" and "A-3" brought forward
and grand total shown on "A-1"
which must agree with the amount entered on
the summary statement. Even in cases where there are
no certified Forms 'E' to be submitted
with the return, an "A-1"
Schedule should be completed showing a nil figure and giving
the total figure of "A-2",
making up the grand total on "A-1".
every item on Schedules "A-1",
a certified copy of Forms
'E' or a voucher, as applicable, must be enclosed.
Conversely, for every voucher or Forms
'E' enclosed, there must be an item on the appropriate
schedule. No Forms 'E' should be enclosed
with the returns against which no receipt is being reported
on the return. The forms and vouchers must be sorted in the
order they are listed. If more than one schedule sheet is used,
the sheets must be serially numbered and pinned together.
reporting export receipts, separate schedules ( "A-1", "A-2" and "A-3") should be
prepared for receipts on account of exporters residing in the
jurisdiction of area offices of the Exchange
Policy Department other than the area office to which
the 'Returns' are being submitted. Such schedules should be
prepared area-wise with one additional copy. The name of the
area office to
which the schedules pertain should be prominently written on
the top thereof. Separate Schedules "A-1",
must be attached to the summary statement relating to each currency.
It is not permitted, for example, to enter the Forms 'E' in U.S. dollars
and Pound Sterling on the same summary statement.
"B" (APPENDIX V- 112)
of a currency against sale of other foreign currencies are to
be listed on Schedule "B". Separate schedule should
be used for each currency purchased. Exchange Policy Department
area from where the currency is purchased must be mentioned
in specified column. The schedule will be attached with relevant
Summary Statement "S-1"
and total of the currency purchased must agree with the amount
shown against item 'Purchases against sale of other foreign
currencies' on receipt side of the Statement "S-1".
"C" (APPENDIX V- 113)
currencies purchased from Authorised Dealers or branches in
Pakistan maintaining a separate currency position must be listed
'C'. A separate schedule should be made out for each
currency with its name written on the schedule and must be attached
to the relative "S-1" statements.
"D" (APPENDIX V- 114)
currencies purchased from and sold to the State Bank must be
entered on Schedule "D" and totals
entered on the "S-I"
"E-2", "E-3" and "E-4" (APPENDICES
109 and V-
relating to sales of foreign currencies to the public must be
listed as under:
Forms on "E-2".
"T-1" Forms on
"M" Forms on "E-4".
As with Schedules "A-1" and "A-2", separate
schedule must be made out for each currency and attached to
the respective "S-1", "S-4", "S-5" or "S-6" statement.
For every item listed in the schedule there must be a payment
as appropriate to the transaction and these forms must accompany
the relative schedules. No forms should be submitted which are
not listed on the schedules.
"F" (APPENDIX V- 115)
sale of a currency against purchase of other foreign currencies
is to be listed on Schedule 'F'. A separate
schedule should be used for each currency sold and the Exchange
Policy Department area to which the currency is sold must be
mentioned in the specified column. The schedule will be attached
with relevant Summary Statement "S-1"
and total of sales in the schedule must agree with the amount
entered against item "Sales against purchase of other Foreign
Currency" on the sales side of "S-1"
"G" (APPENDIX V- 116)
currencies sold to Authorised Dealers or branches in Pakistan
maintaining a separate currency position must be listed on Schedule
"G". A separate schedule must be made out
for each currency with its name written on the schedule and
must be attached to the relative "S-1"
"H" (APPENDIX V- 117)
bought against credit to non-resident bank Rupee accounts must
be entered on Schedule "H". A
separate schedule must be made out for each currency and attached
in duplicate to the relative summarized Statement
"S-1" and total amount of currency shown
on the schedule must agree with item 4 on the purchases side
of the relative summary statement, while total of Rupees must
agree with the total of items on credit side of "S-4" statement.
"J" (APPENDIX V- 107)
Forms "R" and "IRV" must be listed
"J" and a separate list should be made
for each currency. The schedules must be attached to the relative
"S-1", "S-4", "S-5" or "S-6" statement
and the totals on the schedule must agree with those entered
in the statements. For every item appearing in the schedule,
a "R" Form/"IRV" must be attached.
In the case of encashment of foreign currency instruments of
foreign missions in Pakistan, the name of the mission concerned,
should invariably be mentioned in Form "R"/"IRV" (Appendix V-118/Appendix V- 119). Authorised
Dealers must carefully note that Schedule 'J' is to cover
all receipts OTHER THAN EXPORTS. Export receipts are to be reported
on Schedules 'A-1'
and not on Schedule
Form is to be used for amounts over Rs.10,000/- or equivalent,
for purposes other than Family Maintenance Remittances and Exports.
For amounts of Rs.10,000/- and less received for purposes other
than 'Family Maintenance Remittances' and all amounts received
as 'Family Maintenance Remittances', Authorised Dealer will
prepare one IRV for same currency, country
and purpose for one reporting period i.e. for the whole month.
The item will be listed individually and the total thereof will
be entered on relevant schedule 'J' of same currency.
In case the number of entries are large and more pages for IRV are required, continuation
sheets may be used. All inward remittances sent by individuals
from abroad in favour of individuals in Pakistan may be treated
as “Un-requited Transfers-Family Maintenance” unless voluntarily
disclosed by the beneficiary to be for some other purpose.
"K" (APPENDIX V- 120)
Schedule "K" is
not related to the Summary Statements "S-1", "S-4", "S-5" or "S-6" (See paragraph 13 ibid).
"L" (APPENDIX V- 121)
to non-resident bank Rupee account covering transfers to other
non-resident bank Rupee accounts must be listed on Schedule
"L" and the total amounts of Rupees should
agree with the total on "S-4"
statement. The schedule should be submitted to the
State Bank in duplicate with relative summary statements.
"M" (APPENDIX V-122)
to non-resident bank Rupee accounts against sales of foreign
currencies must be listed on Schedule "M" and
the total should agree with the amount entered on "S-4" statement.
For example, if U.S. dollars are sold to a U.S. bank against
debit to that bank's non-resident Rupee account, the U.S. dollar
will be reported against item No.4 on the sales side of the
for U.S. dollars. The schedule should be submitted to the State
Bank in duplicate with the relative summary statements.
"N" (APPENDIX V-123)
closing balance of the non-resident bank Rupee accounts must
be listed on Schedule "N". They
should be grouped according to countries or currency groups.
The final total must agree with the amount entered for closing
balance on the "S-4" statement.
"O" & "P" (APPENDICES
V-124 & V-125)
branches operating on Head/Principal Office/another branch account
shall prepare the summary statements with the supporting schedules
i.e. A-1/O-1, A-2/ O-2, J/ O-3, E-2/P-2, EL2/EL3-P-2, E-3/P-3 & E-4/P-4 in quadruplicate.
The originals, duplicates and triplicates of these schedules,
after deleting O-1, O-2, O-3 and similarly after deleting
respectively, will be sent alongwith the summary statements
and relevant forms to the area office of the Exchange Policy
Department. The quadruplicates, after deleting A-1,
from the heading, will be sent to the office of the Authorised
Dealer whose foreign currency account
has been operated. The Authorised Dealer whose currency
account has been operated upon will amend the Schedules O-1,
received from the branch by deleting such entries which have
not been booked during the reporting period and adding those
of the previous period which have been booked during this period.
Particulars of such entries must be listed in full i.e. relevant
form number, code number etc. The total of the amended Schedules
will be listed on Schedule
"O" and the total of Schedules P-2, P-3 and P-4 listed on Schedule "P" for
each branch. The aggregates of Schedules "O" and "P" should respectively
match with item 7 of the purchases and item 8 of sales side
of the Summary Statements
"S-1" and item 6 of purchases and item
7 of sales side of the Summary Statement
"S-4". In view of the extra work involved
in preparation of the supporting schedules in respect of branch
transactions, the Head/Principal Office may submit them to the
State Bank within seven days from the date of submission of
the summary statement/schedules. In other words, summary statements
alongwith all schedules, other than "O" and "P" and their supporting
should be submitted within the existing time limit viz. 10th
followed by Schedules "O"
by the 17th.
"R" (APPENDIX V-126)
to non-resident bank Rupee accounts covering transfers from
other non-resident bank Rupee accounts must be listed on Schedule
"R" and the total amounts of Rupees must
agree with the total on "S-4"
Statement. The schedule should be submitted to the
State Bank in duplicate with the relative summary statement.
8. Reporting of
Imports under Loans, Credit and Grants.
schedule is to be used in respect of imports under loans/aid,
credits & grants where no remittances are involved. Branches
of Authorised Dealers through whom transactions are processed,
would submit Schedule "LAC-NR" to the
respective area office of the Exchange
Policy Department alongwith the monthly Exchange returns.
In addition to the Schedule "LAC-NR"
a summary statement styled "Summary
Statement—LAC-NR" (Appendix V-128) which will
be an abstract of the amount allocated, opening balance, payments
i.e. utilisation and closing balance at the end of each month
shall be submitted by Head/Principal Offices duly supported
by Schedule "LAC-NR" wherein
they will incorporate transactions of their branches as also
their own. There may be instances where payments for invisible
items such as bank charges, service charges etc., out of the
loans/aid, credits and grants may also be involved. Such transactions
shall also be incorporated in Schedule "LAC-NR".
Invisible items should, however, be listed at the end of the
schedules will be prepared in duplicate in the following manner:
'I' in respect of imports under reimbursable loans
and credits under which payments are first made out of Pakistan's
cash resources and subsequently reimbursed by Loan/Aid giving
agency shall be listed on Schedule "EL2".
In cases of suppliers credit under which remittance of down
payment is involved, Schedule "EL3"
will be used.
the transactions in cover of the items (i) and (ii) above effect
the currency accounts, the same will be reported in the relative
"S-1" statements but shall be listed separately on
"EL-2" or "EL3", as the case
may be. Care should be taken to ensure that items listed on
Schedule "EL-2" or "EL3"
are not listed on Schedule "E-2".
schedule should be used for each loan or credit. The name of
the loan should be clearly described on the schedule in the
space provided therefor.
9. Opening and Closing Balances.
opening and closing balances are to be taken from the currency
accounts in the books of the Authorised Dealer. The abbreviations
"Cr." or "Dr." on the summarized statements
are intended to signify:
Credit balances with agents or correspondents abroad as shown
by debit balances in own books.
Debit balances with agents or correspondents abroad as shown
by credit balances in own books.
of customer's foreign currency accounts should be excluded from
the Authorised Dealer's balance.
10. Items without Schedules.
schedules are needed for the following items on the various
that is necessary is to insert one total covering the relative
11. Foreign Currency Notes.
Dealers must not include their holdings of foreign currency
notes in the balances reported on the "S-1"
statement and they are to omit their transactions in currency
notes completely except where such transactions result directly
in entries in their currency accounts. Examples of these are
when an Authorised Dealer imports bank or currency notes from
abroad paying for them by drawing on the currency account and
alternatively when an Authorised Dealer sends a bunch of currency
notes abroad to be credited to
its account. In the first instance the transaction should
be treated as the sale of currency and reported on Form
will be included in Schedule "E-3".
In the second case, the Authorised Dealer will report the purchase
of the currency on Form "R"/"IRV"-Schedule
" J" attached with Statement "S-I".
As a consequence of this, if a traveller obtains US$900/- in
travellers cheques and US$100/- in currency notes as his travel
quota, the transaction must be included in Statement
"S-l" as the sale of US$900/- & the
transaction of US$100/- in notes will be reported on Statement "S-6".
Dealers must report to the State Bank purchases and sales of
foreign currency notes on the prescribed Statement
"S-6" which should be sent in duplicate
duly supported with relative schedules/forms.
12. Method of De spatch of Statements “S-1”, “S-4”
, “S-5” and “S-6” to the State Bank.
the statements are being dispatched to the State Bank, they
should be put in separate envelopes or packages i.e. the "S-1",
statements each separately. On the outside of the envelopes
or covers preferably on the back on the top left corner, the
name of the Authorised Dealer, the last date of the respective
period, the type of statement enclosed and the currency should
be shown. Example: XYZ Bank, Period ended 31-10-2001 "S-1", U.S. $.
As regards "S-5"
statement, the Authorised Dealers should report transactions
under Rupee barter agreements on relevant "S-5"
statements separately for each agreement. Thus, if there are
four barter commodity exchange agreements with (say) Poland,
should be submitted separately for each one of them. Each such
statement should be sent to the area office of the Exchange
Policy Department in duplicate and clearly marked on the top
right hand corner to the following effect:
UNDER BARTER/COMMODITY EXCHANGE AGREEMENT
under barter agreement expressed in foreign currencies will
be reported on "S-1" statement.
statements "S-1", "S-4", "S-5" and "S-6" should be
made as on the last day of each month. They should reach the
State Bank at the latest by the 3rd of the following month to
which they relate from the branches and by the 10th from the
Head Offices of Authorised Dealers. However, as the various
statements are to be sent in separate covers, those statements
which are completed earlier may be sent immediately without
waiting for others which may still be under preparation.
13. Operations on
Private Non-Resident Rupee Accounts.
Dealers must submit on
a return of operations on private non-resident Rupee
accounts (i.e. other than Rupee accounts of non-resident banks
which are reported on "S-4" statement)
on quarterly basis reaching the area office of the Exchange
Policy Department by the 12th April, 12th July, 12th
October & 12th January. Only totals for all such accounts
of credits and debits passed during the period and of the balances
are required. Total amounts of debits and credits given on Schedule "K" must
agree with the aggregate amounts of Forms A-7 enclosed with the
"K" consists of following categories:
Non-Resident Rupee Account of Indian nationals other than Banks
Branches and Correspondents.
Non-Resident Rupee Account of Non-Indian nationals excluding
Banks Branches and Correspondents.
14. Record of Exchange Position.
Dealers are required to maintain record of their exchange position
in each currency in which they maintain an account as at the
close of business in the prescribed form (Appendix
V-130). The Exchange position proforma has been drawn
up to suit the different types of book keeping used in different
banks and in some cases some of the items will not be required.
The main items which may cause some difficulty are explained
below. In the event of any further difficulty being encountered,
the Authorised Dealers should refer the matter to the State
OUTWARD BILLS PURCHASED (TEMPORARY ACCOUNT).
have different methods of entering bills purchased. Some banks
enter these immediately into their currency account, in which
case this item will not be required. On the other hand some
banks debit their bills purchased to a temporary suspense account
and transfer to their currency account at the estimated time
when the bill is payable. In the Exchange position, the total
in the suspense account must be entered under this heading.
BILLS NEGOTIATED ABROAD CHARGED TO ACCOUNT AND RESPONDED TO
BUT NO SALES SHOWN IN EXCHANGE POSITION.
is intended to cover bills which have been received after negotiation
abroad, entered into the currency account but not taken up by
the customers, when the person who has had the relative credit
opened covers the requirements by a forward purchase of currency.
The amount of such bills should be shown under the heading in
order to off-set the effect of outstanding forward sales included
on the sales side on the final position.
PROCEEDS OF BILLS: SALES BOOKED BUT NOT CREDITED IN LOCAL
item is intended for those banks who have to remit currency
to their agents and who have booked the sale but have not entered
the amount in their currency accounts. For example suppose that
a bank in Karachi has to remit the proceeds of a Sterling bill
to its London correspondent; if the sale has been booked but
owing to one reason or the other it has not been able to pass
entries in its books or issue the advice, then the amount must
be shown here. Again some banks if they issue drafts do not
credit their currency accounts until such estimated time as
their correspondents will receive the advice of issue, the amount
is held in a suspense account in the interval. Such amounts
must be shown under this heading.
(iv) FOREIGN CURRENCY BILLS, MAIL TRANSFERS AND TELEGRAPHIC
receive from their correspondents advices of drafts in foreign
currency issued on them or Mail and Telegraphic Transfers to
pay foreign currency or its equivalent. This in fact will ultimately
be a purchase of the currency from the beneficiary of the transaction.
If the Authorised Dealer does not enter into its currency position
the amount of draft or transfer until it is actually paid, this
heading will not be required. If, however, it enters the amount
in its currency account immediately on the receipt of the advice
with a contra entry to a suspense account, the amount outstanding
in the suspense account must be entered here.
Statement of Outstanding Import Commitments.
Dealers are required to submit to the State Bank fortnightly
statements of outstanding commitments against cash resources
in the prescribed forms (Appendices V-131,
as on 15th and last day of each month reaching the Joint Director
(General), Exchange Policy
Department, State Bank of Pakistan, Central Directorate, Karachi
by the 22nd and 7th showing breakdown of figures with month-wise
maturity thereof classified allocation-wise as under:
Private Sector imports.
Returns of Blocked Accounts and Securities.
Dealers are required to furnish a yearly return in the prescribed
form (Appendix V- 135) to the State
Bank at the end of each year ending 31st December, showing the
balance held by them in blocked accounts. This return should
show the country of residence of each account holder separately.
Similarly, a yearly return in the prescribed form (Appendix
V-136) showing the securities held by them on blocked
accounts should also be furnished. These returns should include
the balance and securities held in non-resident accounts blocked
by orders of the State Bank. Where there are no accounts or
securities to report, "NIL" return should be sent.
The returns should be made as on the 31st December, each year
and should reach the State Bank not later than 7th January.