In Foreign Exchange,
AND TRANSFER OF SECURITIES IN FAVOUR OF NON-RESIDENTS
of the instructions laid down in F.E. Circular No.84 dated
the 14th May, 1991 (as amended from time to time),
non-residents including overseas Pakistanis can make investment
on reportable basis in shares of the companies quoted on
Stock Exchange in Pakistan and un-listed Public Limited.
Private Limited companies engaged in manufacturing against
payment in foreign exchange. Remittance of dividends and
dis-investment proceeds, net of tax if livable, can be made
by the designated Authorized Dealers subject to prescribed
It has been noticed that while reporting remittances of
'dis-investment proceeds' the Authorized Dealers do not
furnish necessary details of the sale alongwith the relative
"M". The designated bank are, therefore, advised
to ensure that the following information/documents are invariably
furnished to the State Bank alongwith form
"M" while reporting remittance of dis-investment
proceeds in favour of non-residents in their monthly Exchange
and address of the non-resident shareholders.
and Address of the company whose shares were sold
by the non-resident beneficiary indicating whether
it is a listed Public Limited Company or un-listed
Public Limited/Private Limited Company engaged in
/ address and residential status of the buyer of above
of Brokers Memo showing, interalia, the details
of shares sold by non-resident, date of sale, sale
price of the shares etc; and practicing Chartered
Accountants Certificate of break-up value where
case the shares were sold to another non-resident
on reportable basis, a copy of letter with which necessary
Proceeds Realization Certificates and Annexure "A"
were furnished to the State Bank.
copy of the 'Designation Letter'.