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| The Head Offices/Principal Offices of all Authorised Dealers in Foreign Exchange Dear Sirs/Madam ISSUANCE OF ATM CARDS TO NON-RESIDENT RUPEE ACCOUNT HOLDERS- WTIHDRAWAL OF REPORTING REQUIREMENT OF FORM A-7 Attention of the Authorised Dealers is invited to Para 8 of Chapter VIII of the Foreign Exchange Manual (Eighth Edition –2002) in terms of which non-resident rupee account holders are required to fill in Form A-7 (Appendix V-7) in respect of debits/credits to non-resident rupee accounts. With a view to facilitating the individuals maintaining non-resident rupee accounts, it has been decided to allow the banks to issue ATM Cards as well as Supplementary ATM Cards to the individual non-resident rupee account holders. The withdrawals through ATM Cards should, however, only be allowed in Pakistan. The existing requirement of filling in Form A-7 on account of all withdrawals in Pak Rupee from the above accounts for personal expenses would not be applicable to the ATM transactions. However, the banks would be required to submit a consolidated statement showing ATM transactions in the said accounts to the Director, Statistics Department, SBP, Karachi on monthly basis. |
Yours sincerely,
Azhar Kureshi
Director