Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 38
April 12, 1992 

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,


Attention of Authorised Dealers is invited to para 4 of F.E. Circular No.33 dated the 15th March, 1992 regarding trading in shares quoted on the Stock Exchanges in Pakistan on repatriable basis by non-residents. The procedure to be following in this behalf is appended:-

 I.        The inward remittances! for credit into Special Convertible Rupee Accounts will be reported on S-1 Summary statement under item No.3 Schedule "H" for  purchase side while rupee equivalents thereof will  be reported under item No.5 of credits i-e payments side of S-4 Summary statement

 II.        Debits to such accounts in respect of purchase of shares will be reported as under:-

   Code List No 5 - Invisible Receipts  

   I - Long-term capital

   D - Portfolio Investment in Pakistan

         Purpose           Description                             Code No.

         Portfolio           Purchase of shares                    9818

         Investment -     quoted on Stock'

          Private             Exchange (s) By


          Credits to the accounts in respect of sale of  shares will be reported as under: -

   Code List No 7 Invisible Payments

   I -  Long-term Capital

   D - Portfolio Investment

         Purpose                 Description                             Code No.

         Portfolio                 Sale proceeds of                    9818

         Disinvestments -     Shares quoted on

         Private                   Stock Exchange (s)

III.   In case of issuance of Foreign Exchange Bearer Certificates (FEBS) by debiting the Special Convertible Rupee Accounts the issue of FEBC will be  Converted in the monthly foreign exchange returns as follows:-

 Code list No.5-Invisible Receipts

I -  Long-term capital  

D- Portfolio Investment in Pakistan  

Purpose                     Description                   Code No.

Official portfolio         Debit to special              9816

Investment                 Convertible Rupee

Foreign Exchange      Account

Bearer Certificates     


      As regards the encashment of FEBC and payment of premium/profit thereon, the procedure as laid down in F.E.Circular No.38 dated the 22nd July 1985 may be followed:-

IV. In case of issuance of U.S.Dollar Bearer Certificate (DBC) by debting the Special Convertible Rupee Account at the exchange rate obtaining on the date of withdrawal the transactions will be reported as under:-

Code List No.5 Invisible Receipts

I- Long-term capital

D- Portfolio Investment in Pakistan

      Purpose                     Description                      Code No.

     Official Portfolio          Debit to special                   9817

      Investment                  convertible Rupee      

      Purchase of Dollar      Account at the

       Bearer Certificates      exchange rate obtaining 

                                        on the date of withdrawal

             The procedure as laid down in Circular letter No.19?ECP-12(49)/91 dated the 22nd April, 1991 may be followed in case of encashment of DBC and payment of premium/profit thereon.

V. Withdrawals from the Special convertible Rupee Accounts in local currency for purposes other than those mentioned in Para II, III & IV may be reported as under:-

Code list No.5 Invisible Receipts

G- Unrequited Transfers

Purpose                        Description               Code No.

Family                           Debit to Special           9610

Maintenance                 Convertible Rupee

                                    Account for 

                                    Personal use

The country code will be reported as 2270 

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