All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
REALISATION
OF COST OF GOODS
EXPORTED FROM PAKISTAN
As authorized
Dealers are aware, the value of goods exported from Pakistan
is required to be realized from the overseas buyers in foreign
exchange to be remitted to Pakistan through normal banking
channel. Such payments can also be made out of foreign currency
accounts maintained by the buyers with Authorized Dealers
in Pakistan provided such accounts are fed by remittances
received from abroad through banking channel. These instructions,
however, dont apply to the exports made to the countries
with which Pakistan has Special Payments Arrangements e.g.
Asian Clearing Union etc.
2. Enquiries
have been received whether payment for goods exported from
Pakistan can be made from foreign currency account of a
person other than the overseas buyer, maintained with an
Authorized Dealer in Pakistan. Government of Pakistan have
decided that payment for goods exported to countries, other
than those with which Pakistan has special payment arrangements
(viz. ACU) may also be accepted from any foreign currency
account maintained with a bank in Pakistan including an
account maintained by the exporter himself and irrespective
of the sources of funds in such accounts.
3. The instructions
with respect to reporting of transaction first on Schedule
'E-4' as payment to the account holder and simultaneously
on Schedule
'A-1' / Schedule
'A-2' on account of export proceeds will continue to
be observed.