All Banks/NBFI’s

Dear sirs,

Amendment in Special US Dollar Bonds Rules 1998

The Government of Pakistan vide their Notification dated the 1st October, 2003 (copy enclosed) is pleased to make amendment in the Special U.S. Dollar Bonds (SUSDBs) Rules, 1998.

In the aforesaid Rules, rule 12, sub-rule (1) has been substituted as under:-

“(1) The Bonds shall be tradeable and if encashed prior to maturity would be redeemed in U.S. Dollars or Pakistan Rupees at the official exchange rate prevailing on the day preceding to the date of encashment.”

The above amendment in SUSDBs Rules 1998 now allows facility to encash SUSDBs in U.S. Dollar prior to maturity whereas previously SUSDB holders were allowed premature encashment of the bonds in Pak. Rupees only.