All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

FOREIGN CURRENCY ACCOUNTS

The following words appearing in clause (ii) of paragraph 1 of F.E. Circular No. 17 of 6^th June, 1998 are deleted:-

"Respect of the accounts mentioned in sub-para (I) of paragraph 1 of F.E. Circular No. 12 of 1998 i.e."

It is clarified that no fresh deposit can be accepted in the foreign currency account of persons (irrespective of their nationalities) residing in Pakistan, and firms and companies functioning in Pakistan, including foreign controlled companies and branches of foreign companies, except the exempted categories.

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2. With reference to the last sentence of paragraph 5 of F.E. Circular No. 17 of 1998 it is clarified that it would be in order for the Authorised Dealers to pay, if they so wish, profit at the normal rate for deposits converted into rupees prior to their maturities.

3. Following corrections may also please be made in F.E. Circular No. 17 of 1998:-

• The word "Repayment" appearing in the second line of para (viii) may be read as "Retirement".

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The word "enactment" appearing in the second line of para No. 6 may be read as "encasement".

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