All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
FOREIGN
CURRENCY ACCOUNTS
The
following words appearing in clause
(ii) of paragraph 1 of F.E. Circular No. 17 of 6th
June, 1998 are deleted:-
"Respect
of the accounts mentioned in sub-para (I) of paragraph 1
of F.E. Circular No. 12 of 1998 i.e."
It
is clarified that no fresh deposit can be accepted in the
foreign currency account of persons (irrespective of their
nationalities) residing in Pakistan, and firms and companies
functioning in Pakistan, including foreign controlled companies
and branches of foreign companies, except the exempted categories.
2.
With reference to the last sentence of paragraph
5 of F.E. Circular No. 17 of 1998 it is clarified that
it would be in order for the Authorised Dealers to pay,
if they so wish, profit at the normal rate for deposits
converted into rupees prior to their maturities.
3.
Following corrections may also please be made in F.E.
Circular No. 17 of 1998:-
-
The
word "Repayment" appearing in the second line
of para (viii)
may be read as "Retirement".
-
The
word "enactment" appearing in the second line
of para No. 6 may be
read as "encasement".