Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 49
December 12, 1995 

All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

FOREIGN CURRENCY LOANS FOR EXPORTS

Please refer to para 6 of F.E. Circular No.24 dated the 20th July, 1995 on the above subject.

2. Some confusion appears to exist in the matter of utilization of the proceeds of the export bills in repayment of the amounts of foreign currency loans obtained in terms of the above F.E. Circular and interest accruing thereon less taxes. It is clarified here that it is not necessary to repatriate the proceeds of the export bills to Pakistan first and then to arrange remittance in repayment of the debt. The amounts of the export bills realized abroad can straightaway be used in repayment of the amount of the relative debt and interest less taxes. The reporting procedure outlined in the above F..E Circular will, however, meticulously be followed.

3. Please bring the above to the notice of your constituents

       
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