Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 05
February 19, 2002 

All Authorised Dealers
in Foreign Exchange & Money Changers,

Dear Sirs,

OPENING OF SPECIAL FOREIGN CURRENCY ACCOUNTS BY SHIPPING COMPANIES.

Attention of Authorized Dealers is invited to paragraphs 5 & 6, Chapter XIV of Foreign Exchange Manual (8th Edition, 2002).

2. In terms of Para 5(ii) of Ministry of Communications and Railways (Communications Division)’s Notification No. 3(4)/97-P&S II. Vol-II dated the 11th August, 2001 regarding Pakistan Merchant Marine Policy 2001, it has now been decided to delegate the powers to Authorized Dealers to allow Shipping Companies to open Special Foreign Currency Accounts in Pakistan.

3. Consequently, the following may be added as sub-paragraph (i) of paragraph 6 of Chapter XIV ibid.

(i) “Ship owners, charterers and operators and/or owners, charterers, and operators of all floating crafts including tugs, dredgers, survey vessels and other specialized crafts may open and operate foreign currency accounts in Pakistan. They will be permitted to operate these accounts for both receipts and payments of foreign exchange. Such foreign currency account holders may retain their surplus earnings in these accounts and shall surrender the same within three months of closing of the financial year. Foreign partners in Pakistan based Joint Venture companies may receive their share of profits after tax. Operation of such account will be subject to the following conditions;

a) Cash deposits and cash withdrawals from these Accounts will not be permitted.
b) All reporting requirements that are applicable for existing Foreign Currency Accounts maintained by the Shipping Companies abroad would also be applicable to those special Foreign Currency Accounts.
c) All withdrawals in Pak Rupees will be at Interbank rate”.

Yours faithfully,
(M. R. MEHKARI)
Director
       
Home
About SBP
Publications
Economic Data
Press Releases
Circulars/Notifications
Laws & Regulations
Monetary Policy
Help Desk
SBP Videos
Feedback
Contact us
What's New?
Speeches
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Library
Rupey ko Pehchano
Events
Zahid Husain Memorial Lecture
Careers
Sitemap
 
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.