in Foreign Exchange,
OF FOREIGN EXCHANGE BEARER CERTIFICATES TO FIRMS AGAINST
of Authorized Dealers is invited to F.E. Circular No.38
of 1985 as amended from time to time.
It is clarified that Foreign Exchange Bearer Certificates
may also be issued to Corporate entitles excluding banks
operating in Pakistan provided remittance of equivalent
foreign exchange is received in favour of the Office of
Issue as an unrequited transfer specifically for the purchase
of Foreign Exchange Bearer Certificates.
It may, however, please be noted that foreign exchange released
from Pakistan for any purpose and foreign exchange representing
sale proceeds of goods exported from Pakistan, earnings
of the residents on account of services, foreign currency
funds brought into Pakistan for fixed or working capital
requirements, earnings/profits of the overseas offices/branches
of Pakistani firms/companies and banks etc. will not be
eligible for issue of Foreign Exchange Bearer Certificates
in any case and the residents will continue to be subject
to the existing legal requirement of surrender of such funds
to an Authorized Dealer within the prescribed time limit.