AAll
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
Attention
of Authorized Dealers is invited to F.E.
Circular No.2 dated the 2nd January, 1994
in terms of which non-residents have been allowed to traced
freely in Federal Investment Bond (F.I.Bs) and six months
Treasury Bills (T.Bs.) through Special Convertible Rupee
Account. The procedure of reporting inward/outward remittances
to be followed in this behalf is appended:-
-
The
inward remittances for credit into Special Convertible
Rupee Account will be reported on S-I
summary statement under item No.3 schedule
"H" of purchase side rupee equivalents
thereof will be reported under item No.5 of credits
i.e. payment side of S-4
summary statement.
-
For
the purchase of F.I.Bs, & T.Bs. by the non-residents,
Special Convertible Rupee Account will be debited
and purchase of F.I.Bs. & T.Bs. will be reported
as under:-
Code
List No.5 – Invisible Receipt:
I
- Long Term Capital
D
- Portfolio Investment in Pakistan.
| Purpose |
Description |
Code
No. |
Official
Port-folio
Investment (Repatriable
Basis). |
Purchase
of Federal Investment
Bonds (F.I.Bs.) and
Treasury Bills (T.Bs.) on
Stock Exchange /Head Offices
of authorized dealers/
secondary market through
special Convertible Rupee
Account (in addition
to the existing
description under the
Code). |
9815 |
-
In
case of sale of F.I.Bs & T.Bs. by non-residents
the Special Convertible Rupee Account will be credited
and sale of F.I.Bs & T.Bs. will be reported as
under:-
Code
List No.7 – Invisible Payments:
I
- Long Term Capital.
D
- Portfolio Investment in Pakistan.
| Purpose |
Description |
Code
No. |
Port-folio
Dis-investment
Official (Repatriable
Basis). |
Sale
proceeds of Federal
Investment Bonds (F.I.Bs.)
and Treasury Bills (T.Bs.)
through authorized dealers
by non-residents through
Special Convertible Rupee
Account (in addition to the
existing description under
the code). |
1815 |
3.
As regard the remittance on account of profit on Federal
Investment Bonds (F.I.Bs) and Treasury Bills (T.Bs) on maturity,
the same be reported under the following new Code:-
Code
List No.7 – Invisible Payments:
D
- Investment Income.
| Purpose |
Description
|
Code
No. |
Profit
on
F.I.Bs./T.Bs. |
Remittance
on account
of Profit on F.I.Bs.
and T.Bs. |
1234 |