| DMMD Circular Letter No. 09 of 2023 |
November 28, 2023 |
The Presidents/Chief Executive Officers
All Banks/DFIs/NBFIs
Dear Sir(s)/Madam(s),
Government of Pakistan Ijara Sukuk
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Please refer to DMMD Circular No. 06 of 2020 on the captioned subject, whereby Non-Competitive Bids were introduced in the Government of Pakistan Ijara Sukuk (GIS) Auction as per the rules and procedures stipulated in Para A of the aforementioned Circular.
In terms of Government of Pakistan, Ministry of Finance (Finance Division) notification S.R.O. 1586(I)/2023, amendments in Government of Pakistan Ijara Sukuk Rules have been notified. Accordingly, Para A of the aforementioned circular is revised as follows:
| A : Introduction of Non-Competitive Bids in GIS Auction: |
| Ref. No. |
Current Instructions |
Amended Instructions |
| A-1 |
All investors, except banks (scheduled, specialized and microfinance), DFIs, Investment Banks and Individuals, shall be eligible to submit NCBs in the GIS auction. |
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All investors, except banks (scheduled, specialized and microfinance), DFIs, and Investment Banks, shall be eligible to submit NCBs in the GIS auction. |
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| A-4 |
PDs will submit NCBs with the name/account title of investor (in Block Letters) and amount of investment without quoting the margin/rate on the format given at ‘Annexure-G’ (in excel form) as per para-3 above. |
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PDs will submit NCBs with the name/account title of investor (in Block Letters) and amount of investment without quoting the margin/rate on the format given at ‘Annexure-B’ (in excel form). |
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All other instructions on the subject will remain same. The above instructions will be effective immediately.
Enclosed:
Annexure –A: Ministry of Finance (Finance Division) Notification S.R.O. 1586(I)/2023
Annexure–B: NCBs Format for PDs
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Yours truly,
(Rizwana Rifat)
Additional Director
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