The Head/Principal Offices of all

Authorized Dealers in Foreign Exchange

Dear Sirs/Madam,

Facility of 5% Retention of Export Proceeds for Export of Cement

Attention of the Authorized Dealers is invited to Para 32 (iii) of Chapter XII of Foreign Exchange Manual (8th Edition) regarding retention of export proceeds in Special Foreign Currency Account of the exporter maintained with banks in Pakistan.

With a view to further liberalize the foreign exchange regime, it has been decided with immediate effect to allow cement exporters to retain 5% of export proceeds against the cement exports in their Special FCY Accounts maintained with banks in Pakistan. All other terms and conditions will remain unchanged.

Authorized Dealers are advised to bring the above to the notice of all their constituents.