The Head/Principal Offices of all

Authorized Dealers in Foreign Exchange

Dear Sirs / Madam,

Export to Afghanistan and through Afghanistan to Central Asian Republics

Attention of Authorized Dealers is invited to EPD Circular Letter No. 03 dated March 12, 2002 on the subject containing therewith SRO No. 137(1)/2002 dated March 7, 2002 issued by the Ministry of Commerce, Government of Pakistan.

In this regard, it is clarified that as per FE Regulations, the export made against convertible currencies is subject to Form ‘E’ certification by the Authorized Dealers. Accordingly, the export proceeds received as per sales terms are required to be surrendered in the inter-bank market for which the concerned Authorized Dealer will issue Proceeds Realization Certificate (PRC) at the prevailing buying exchange rate and credit the equivalent rupees in the PKR account of the concerned exporter.

In view of peculiar nature of trade with Afghanistan, it is emphasized that the Authorized Dealers will accept the cash convertible currencies brought over their counter by the exporters and convert the same at the prevailing buying rate applicable for normal export proceeds for credit to the PKR account of the exporter.

Further, the banks will ensure that the said proceeds are backed by proper export documents as per prescribed procedure and terms & conditions issued from time to time.

Please bring the above to the notice of all your constituents.