AAll Authorized Dealers
In Foreign Exchange,

Dear Sirs,

Attention of Authorized Dealers is invited to F.E. Circular No.2 dated the 2^nd January, 1994 in terms of which non-residents have been allowed to traced freely in Federal Investment Bond (F.I.Bs) and six months Treasury Bills (T.Bs.) through Special Convertible Rupee Account. The procedure of reporting inward/outward remittances to be followed in this behalf is appended:-

1. The inward remittances for credit into Special Convertible Rupee Account will be reported on S-I summary statement under item No.3 schedule "H" of purchase side rupee equivalents thereof will be reported under item No.5 of credits i.e. payment side of S-4 summary statement.
2. For the purchase of F.I.Bs, & T.Bs. by the non-residents, Special Convertible Rupee Account will be debited and purchase of F.I.Bs. & T.Bs. will be reported as under:-

Code List No.5 – Invisible Receipt:

I - Long Term Capital

D - Portfolio Investment in Pakistan.

In case of sale of F.I.Bs & T.Bs. by non-residents the Special Convertible Rupee Account will be credited and sale of F.I.Bs & T.Bs. will be reported as under:-

Code List No.7 – Invisible Payments:

I - Long Term Capital.

D - Portfolio Investment in Pakistan.

3. As regard the remittance on account of profit on Federal Investment Bonds (F.I.Bs) and Treasury Bills (T.Bs) on maturity, the same be reported under the following new Code:-

Code List No.7 – Invisible Payments:

D - Investment Income.