All Authorized Dealers
in Foreign Exchange,
Dear
Sirs,
It has been
decided that in cases of remittance, of the following nature,
the approvals will be given by the State Bank. Accordingly,
the powers delegated to the Authorised Dealers in the Foreign
Exchange Manual are withdrawn with immediate effect.
- Repayments
under P.A.Y.E. Scheme, Suppliers Credit,
Buyers Credit and Loans - Remittance on account of
principal, interest etc. (Paragraph 51
and 53,
Chapter
XIII)
Such remittance
will require prior approval of the State Bank notwithstanding
the registration of repayment schedule. Applications with
details mentioned in these paragraphs, and export realization
certificate (App-V-35
(formally V-40) ) in case of PAYE loans, should be submitted
to the area Control for approval.
Such advance
remittances would henceforth require prior approval of
the Control. Applications for the purposes should be supported
by performs invoice / indent and the reasons for not opening
letter of credit, where the payment is desired to the
be made in advance. In case of remittance after receipt
of the goods in Pakistan, a copy of the invoice, bill
of exchange and customs bills of entry should be submitted
alongwith application on form
'I'.
Applications
should be submitted to the Joint Director, Investment
Division, Foreign Exchange Department, State Bank of Pakistan
Karachi in the manner prescribed in these paragraphs.
Applications
alongwith the documents mentioned in the above paragraph
should be submitted to the Joint Director, Investment
Division Foreign Exchange Department State Bank of Pakistan
Karachi for consideration.
The powers
delegated to the Authorized Dealers are withdrawn to the
extent of remittances on account of advertisement expenses
by non-exporters. Applications of non-exporters should
be submitted to the Area Control alongwith the demand
note and justification for the advertisement.
No foreign
exchange will be made available for this purpose. Requirement
of foreign exchange for payment of such fees will be met
from free market.
All such remittance
applications should be submitted to the Joint Director,
Investment Division. Foreign Exchange Department, State
Bank of Pakistan, Karachi alongwith encashment certificate
covering the loan amount, and the repayment schedule.
Applications
for such remittances including transfers abroad from the
special foreign currency accounts should be submitted
on form
'M' alongwith the proceeds realization certificates
relating to the inward remittances and evidence of sale.