| F.E.
Circular No. 53 |
June 23, 1994 |
AAll
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
ISSUE
AND TRANSFER OF WAPDA BOND (6TH ISSUE) IN FAVOUR OF NON-RESIDENTS
ON REPATRIABLE BASIS
It
has been decided by the Government to allow investment by
non-residents (including overseas Pakistanis) in WAPDA Bonds
(6th Issue).
2.
Accordingly, the State Bank has granted the following exemptions
to WAPDA from the provisions of Section 13 (1) of the Foreign
Exchange Regulation Act, 1947:-
-
Issue
of registered WAPDA Bonds (6th Issue)
under the WAPDA Bonds 6th Issue Regulations,
1994 on reportable basis and transfer of such bonds
i.e. registered on reportable basis to non-residents
(including overseas Pakistanis) provided the issue
price or purchase price as certified by a Stock Exchange
Broker is paid in foreign exchange either by a remittance
from abroad through normal banking channels or out
of subscriber / buyer’s foreign currency account
maintained in Pakistan.
-
Transfer
of registered bonds held by a non-resident in terms
of sub-para (a) above on
reportable basis to other non-residents on the same
basis, against payment outside Pakistan, provided
a Certificate to this effect is given by the transferee
to WAPDA.
3.
-
WAPDA
will advise Investment Division, Foreign Exchange
Department, State Bank of Pakistan, Central Directorate,
Karachi, name of the Authorized Dealers (bank branches
authorized to deal in foreign exchange) designated
for remittance of profit and maturity proceeds of
the bonds issued / transferred in terms of Para-2
above to non-resident holders.
-
After
issue / transfer of the bonds in favour of non-residents,
in the manner indicated at Para-2
above, WAPDA shall send an intimation in enclosed
format (Annexure 'A') in
duplicate in respect of all the non-residents alongwith
Proceeds Realization Certificates (in original)showing
the amount of sale price received in foreign exchange
in Pakistan, Broker’s Memo (in original), Certificate
of Transferee where applicable, to the designated
Authorized Dealers. The designated bank will retain
a copy of Annexure 'A' and
pass on the second copy alongwith the original Proceeds
Realization Certificate, Brokers Memo / Transferee
Certificate as applicable to the Foreign Exchange
Department (Investment Division), State Bank of Pakistan,
Central Directorate, Karachi.
-
Subject
to the observation of the procedure outlined in sub-para
(a) & (b)
above, WAPDA may export the bonds to non-resident
owners and the designated Authorized Dealers may allow
remittance of profit / maturity proceeds as well as
dis-investment proceeds as certified by a Stock Exchange
Broker, not of taxes, if livable.
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