All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
FOREIGN
CURRENCY ACCOUNTS
It has been brought to our
notice that the Investment Banks / Leasing Companies and
Madarba Companies have opened foreign currency accounts
with the Authorized Dealers in Pakistan and have deposited
therein the amounts of foreign currency loans obtained by
them from abroad. It is clarified that the amounts of foreign
currency loans do not qualify for being deposited in the
foreign currency accounts under the Private Foreign Currency
Accounts Scheme which should be noted carefully and brought
to the notice of your Constituents. You may also scrutinize
the record relating to foreign currency accounts of Investment
Banks / Leasing Companies / Madaraba Companies and convert
into Pakistan rupees the amounts held therein case the relative
amounts represent the proceeds of the foreign currency loans
raised by the account-holders.