In Foreign Exchange,
WITH THE REPUBLICS OF FORMER USSR
upon dismemberment of USSR, payment arrangement enumerated
in para. 51(f) Chapter XIII 11 the Exchange Center Manual
(6th Edition 1987) has become redundant. It has, therefore,
been decided that instructions contained in the aforesaid
para shall cease with immediate effect.
In order to. Facilitate payments between all the republics
of the former USSR and Pakistan relating to importation
and exportation of goods and charges incidental thereto,
following procedure shall henceforth be followed:-
(I) Import of goods from a former USSR shall be made under
normal Exchange Central regulations through letters of credit
on consignment basis providing for payment in convertible
(II) Expert of goods all the republic, of the former USSR
made only against irrevocable letters of credit providing
payment in convertible currency as stipulated in State Banks
Notification No,. FE.5/72-SB dated the 27th December,
1972.The letters of credit be opened by the buyers in the
republics of the former USSR shall, however, be advised.
if the same are confirmed by a 1st Class Bank and
confirmation charges borne by the openers.