Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 08
April 30, 1997 

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,


Attention of Authorized Dealers is invited to F.E. Circular No.53 of 1994 in terms of which persons resident outside Pakistan (including overseas Pakistanis) are allowed to invest in the 6th issue of registered WAPDA Bonds on reportable basis.

2. It has now been decided to allow investment by persons resident outside Pakistan (including overseas Pakistanis) in the 7th issue of registered WAPDA Energy Bonds covered under the WAPDA Energy Bonds (Seventh Issue) Regulations 1997 notified by the Government vide SRO No.121/(1)/97 dated the 23rd February, 1997 on payment of the purchase price in foreign exchange. Accordingly, the existing sub-para (g) of Para 6, Chapter XX of the Foreign Exchange Manual (inserted vide F.E. Circular No.8 of 1994 read with F.E. Circular 37 of 1996) is amended to read as under:-

    "Issue/transfer of rupee denominated registered Corporate Debt Instruments (viz. PTCs, TFCs etc); and Registered WAPDA Bonds which non-residents are eligible to purchase under the WAPDA Bonds Regulations for the respective issue as notified by the Government, in favour of non-residents (including overseas Pakistanis) on the basis of repatriation of capital & profits/interest subject to the condition that the issue/purchase price is paid in foreign exchange either as a remittance through banking channels or out of foreign currency/Special Convertible Rupee Account maintained with a bank in Pakistan. Remittance of profit/interest and sale/maturity proceeds will be allowed by the State Bank on submission of evidence of inward remittance or of payment out of Foreign Currency Account."


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3. It has also been decided to allow Non-residents to trade freely in the registered Corporate Debt Instruments and WAPDA’s registered bonds listed in the Stock Exchanges of the country in the secondary market through Special Convertible Rupee Accounts alongwith FIDs / TBS subject to same conditions as are laid down in Para-8 Chapter XX of the Manual ibid.

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