All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
IMPORTS
– OPENING OF LETTERS OF CREDIT
Attention
of the Authorized Dealers is invited to para
36 Chapter
XIII of the Foreign Exchange Manual (7th
Edition 1992) in terms whereof, Authorized Dealers are required,
inter-alia, to ensure before processing letters of credit
that an invoice, order or indent has been issued by an indenture
duly registered with the licensing authority as importer
or indenture. This procedure has slightly been revised in
the Import Policy Order, 1993-1994 vide clause 2.15 (Import
Indenting) which reads as under:-
"Before
processing letters of credit, banks shall ensure that
an invoice, order or indent has been issued by an
identor duly registered as importer under Registration
Importers and Exporters) Order, 1993. For this purpose
invoices and indents shall bear registration number
of the indentor concerned."
2.
Consequently, the instructions of the aforesaid para of
the Foreign Exchange Manual stands modified to the above
extent. Authorized Dealers are advised to note the above
instructions carefully and ensure that proforma invoices/indents
produced for opening of letters of credit/registering the
contracts have been issued by an indenture in Pakistan duly
registered as importer and particulars of such indentures
are given in the cage provided for in the Form
'I'.
3.
The above instructions may also please be brought to the
notice of your constituents.
