| F.E.
Circular No. 06 |
June 15, 2000 |
All
Authorised Dealers/
Shipping Companies in
Pakistan,
Dear
Sirs,
INTERNET
MERCHANT ACCOUNTS
In
order to promote Business-2-Commerce (B2C) e-Commerce in
Pakistan banks operating in Pakistan can open and operate
Internet Merchant Accounts. In this connection the following
parameters are to be observed meticulously:-
-
Merchants
desirous of opening an Internet Merchant Account with
a bank in Pakistan can open the same either in local currency
or in US$ for the purpose and, in addition to observance
of normal procedure for opening an account, will be required
to submit copy of their NTN Certificate to the bank.
-
Merchants
must be engaged in a business permissible under the laws
of Pakistan.
-
Merchants
must have a registered place of business in Pakistan.
-
Merchants
intending to export goods/services must provide a copy
of export registration certificate from the Export Promotion
Bureau (EPB).
-
For
the present, merchants desirous to undertake transactions
outside Pakistan will be required to submit E-forms for
transactions of value less than US$ 500 each to their
bank, who shall submit the same in consolidated form on
monthly basis to SBP. Each E-form for the aforesaid accounts
should specially indicate the words "E-Commerce"
on the upper left corner.
-
Banks
shall recover charges for Internet Merchant Accounts strictly
in accordance with Prudential Regulation X. Any clarification
with regard to bank charges on these accounts may be obtained
from the Director, BP&RD, SBP, CD, Karachi.
-
The
banks shall be responsible for reporting business through
the Internet Merchant Accounts to the Foreign Exchange
Department, State Bank of Pakistan on monthly basis as
per enclosed proforma.
-
The
banks shall be responsible for reporting any suspected
transactions against the laws of the country, as per Prudential
Regulation XII.
|
| Yours
faithfully,
-Sd-(M. R. MEHKARI)
Director |
|
Statement
to be submitted
(Downloadable in MS-Word (.rtf) Format) |
|
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