All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

ISSUE OF NIT UNITS ABROAD
ON REPATRIABLE BASIS:

Attention of Authorized Dealers is invited to the instructions contained in paragraph 6, Chapter XX of the Exchange Control Manual as revised vide F.E. Circulars Nos. 84, 104 and 122 of 1991.

2. It has since been decided by the Government to further liberalize the Exchange Control rules relating to investment in NIT Units by non-resident Pakistanis on reportable basis. Accordingly the existing sub-paragraph (f) of paragraph 6, Chapter XX of the Exchange Control Manual is revised to read as under:-

"(f) i. Issue of government securities to foreign nationals resident in or outside Pakistan, on the basis of repatriation of capital and profits, subject to the condition that the price is paid in foreign exchange either as a remittance through banking channels or out of a foreign currency account maintained in Pakistan. Remittance of profit and dis-investment proceeds will be allowed by the State Bank on submission of evidence of inward remittance or of payment from a Foreign Currency Account.

ii.  Issue of NIT Units to Pakistan Nationals resident outside Pakistan and foreign nationals resident in or outside Pakistan on the basis of repatriation of capital and profits, subject to the condition that payment is made to the National Investment Trust Limited in foreign exchange, either as a remittance through banking channels or out of a Foreign Currency Account maintained in Pakistan. Remittance of profits and dis-investment proceeds of the Units may be made by the National Investment Trust Limited through an Authorized Dealer designated for the purpose in terms of paragraph 13(b), Chapter XIV of the Exchange Control Manual".