Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 79
September 21, 1992 

All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

ISSUE OF SHARES IN FAVOUR OF NON-RESIDENTS

Authorized Dealers may please refer to paragraph 7(a), Chapter XX of the Exchange Control Manual, as revised vide F.E. Circular No.84 dated the 14th May, 1991. In terms of the instructions contained therein, companies issuing shares in accordance with the instructions contained in sub-paragraph 6(a) are permitted to open foreign currency collection accounts with banks abroad for receiving the subscription in foreign currency. They are also authorized to allow refunds to unsuccessful applicants. The amounts subscribed by the successful applicants are required to be repatriated to Pakistan within a week of the allotment of shares.

2. It has been brought to the notice of State Bank that after the amounts subscribed by successful applicants are repatriated to Pakistan, some applications are rejected during post-ballot scrutiny. Authorized Dealers are hereby authorized to approve remittances representing refunds of subscription money in such cases on receipt of a request from the concerned company, after verifying from their records that the subscription money was repatriated to Pakistan through them.

       
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