All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
NATIONAL
DEBT RETIREMENT PROGRAMME
Attention
of Authorised Dealers is invited to F.E.
Circular No. 2 of
1997 and F.E.Circular
No. 24 of 1998 regarding repayment of NDRP-II
(Qarz-e-Hasna) and NDRP-III (Profit bearing) deposits in
foreign currency on the due dates.
The
deposits accepted under NDRP-II and surrendered to the State
Bank were required to be repaid on the basis of payment
authority to be issued by the Economic Affairs Division,
Government of Pakistan. It has now been decided that Authorised
Dealers may allow encashment of NDRP-II Deposits on maturity
in the currencies in which these deposits were made and
lodge claims with State Bank of Pakistan for reimbursement
in rupees at their opening composite rate of exchange. Such
claims may be lodged with the same office of the State Bank
of Pakistan where the deposits were surrendered, alongwith
a statement in duplicate in the enclosed proforma for each
deposit repaid by the Authorised Dealers.
The
NDRP-III deposits are required to be repaid by the Authorised
Dealers under the procedure prescribed for "Foreign
Currency Accounts" by utilizing the counter part rupees
available with them for obtaining the required amount of
foreign currency from the State Bank against the forward
cover obtained on payment of the prescribed fee. They are
therefore, advised to make payment to NDRP-III Depositors
when they approach the Authorized Dealers for encashment
on the respective date of maturity, by obtaining delivery
of the foreign currency amount from State Bank of Pakistan
on payment of the rupee amounts at the booked rate of exchange.
-
Details of Re-Imbursement
claims in respect of repayment of NDRP-II deposits received
in Foreign Exchange