The Presidents/ Chief Executives of
All Authorized Dealers (ADs) in Foreign Exchange

Dear Sir / Madam,

Instructions regarding Foreign Currency Accounts and Non-resident Rupee Accounts

Attention of Authorized Dealers (ADs) is invited to Chapter 6 and Chapter 8 of the Foreign Exchange Manual, which, inter-alia, provide regulatory instructions for opening and maintenance of Foreign Currency Accounts and Non-resident Rupee Accounts, respectively.

1. In order to facilitate foreign investment in Pakistan, it has been decided to broaden the scope of Foreign Currency Value Account (FCVA), Non-Resident Pakistani Rupee Value Account (NRVA), Foreign Currency Business Value Account (FCBVA) and Non-Resident Rupee Business Value Account (NRBVA). Henceforth, all persons either natural or juridical who fall within the definition of non-resident persons under the Income Tax Ordinance, 2001 (XLIX of 2001), shall be eligible to open, operate and maintain the above-mentioned accounts with Authorized Dealers in Pakistan.
2. Accordingly, the relevant paras in Chapter 6 and Chapter 8 of the FE Manual are amended as per attached Annexure-A and Annexure-B, respectively. Further, ADs shall comply with all other applicable rules and regulations including SBP’s AML/CFT/CPF regulations.
3. ADs are advised to bring the above instructions to the notice of all their constituents for meticulous compliance.