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| All Authorised Dealers in Foreign Exchange Dear Sirs, HOME REMITTANCES Attention of Authorised Dealers is invited to Cir. letters No. 6/FEP.1(95)L-98 dated February 13, 1998 whereby they were asked to furnish the particulars of the exchange companies with whom they had made drawing arrangements. They were also advised to examine as to whether or not the conditions mentioned in para 1 of the said circular letter were complied while making such arrangements. Most of the Authorised Dealers did, however, express their inability to make arrangements in line with the guidelines spelled out in the aforementioned circular letter due to various reasons. 2. Keeping in view the difficulties expressed by them and in the wake of their recommendations, it has been decided that henceforth the following guidlines will be followed while entering into the drawing arrangements with the exchange companies: i) The banks in Pakistan shall obtain guarantee of a reputable bank equivalent to one month’s aggregate rupee drawings, that showed a highest level in the previous year. ii) The replenishment from the exchange companies should be called within 4 to 5 days of the drawings. 3. It has further been decided to allow the opening of the non-resident foreign currency accounts of exchange companies operating abroad under FE Circular No. 25 of 1998, for the specific purpose of handling home remittances, in supersession of Para 2 of the instructions contained in our Cir. letter No. 54/FEP.16(326)G-98 dated the 12th December, 1998.The conversions, into Pak Rupees, from these accounts will be made through inter-bank market. |
Yours sincerely,
M. R. MEHKARI
Director