F.E.
Circular No. 51 |
November 13, 1998 |
Head
Office / Principal Office of All
Authorised Dealers in Foreign Exchange,
Dear
Sirs,
EXPORT
PROCEEDS
-
Attention
is invited to para
5.1 of F.E.
Circular No. 38 dated July 21, 1998
in terms of which 50% of net export proceeds
after deduction of commission as permitted vide paragraph
29(I)
and (ii)
- Chapter
XII of the Foreign Exchange Manual was
to be surrendered immediately to the State Bank of Pakistan.
The remainder was allowed to be held in Special Exporters'
Accounts for a period upto 14 Calendar days.
-
It
has now been decided that the remainder 50% may be held
in Special Exporters' Account upto seven working days
only. At any time during the 7 days period, the exporter
will be free to sell to any Authorised Dealer of his
choice. The other instructions will remain the same.
-
You
are advised to note these instructions carefully and
immediately convey the same to all your branches authorised
to deal in foreign exchange.
|
|
|