All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
AISAN
CLEARING UNION
Please
refer to F.E. Circulars
No. 46 dated the 15th November, 1995
on the above subject.
2.
Para 2 (iii) and (iv) of our F.E. Circular referred to above
are amended as under:-
Para
2(iii)
When
an Authorized Dealer needs to fund its ACU Dollar Nostro
account with its correspondent bank in another participating
country, it will surrender equivalent amount of U.S.
Dollar to State Bank if Pakistan for remittance through
ACU mechanism. State Bank of Pakistan will advise the
Central Bank in the country concerned to make available
the required U.S. Dollar amount to the concerned bank
in that country. State Bank of Pakistan will also advise
the General Manager – ACU to credit the account
of the Central Bank of that country by debit to its
(SBP’s) account. The Authorized Dealers also have
the option to get their rupee accounts with State Bank
of Pakistan debited with equivalent of U.S. Dollar amount
desired to be remitted at the State Bank’s selling
rate instead of surrendering the U.S. Dollar amount.
Para
2(iv)
When
an Authorized Dealer desires to repatriate funds from
its ACU Dollar account with its correspondent bank in
another country (correspondent bank), it will request
that bank to effect the remittance through the ACU me
mechanism. The correspondent bank will surrender the
requisite amount of U.S. Dollar to its Central Bank
for remittance. The Central Bank receiving the amount
will advise State Bank of Pakistan to make available
the amount in U.S. Dollar to the concerned bank. The
Central Bank receiving the amount will also advise the
General Manager – ACU to credit State Bank of Pakistan’s
account by debit to its account. State Bank of Pakistan
in turn will provide the US Dollar amount to the bank
concerned in Pakistan. The State Bank may, at its option,
make the payment in Pak rupee at its buying rate.
3.
The Authorized Dealers in Pakistan are also authorized to
open ACU Dollar accounts on their books in the names of
their correspondent banks in all other ACU member countries.
4.
Please bring the above to the notice of constituents.
