All
Head Offices/Principal Offices of All
Authorized Dealers in Foreign Exchange.
Dear
Sirs,
Special
Convertible Rupee Account (SCRA)
It has been observed that Authorized Dealers frequently
approach State Bank for approval for remittances of disinvestment
proceeds where foreign investors maintain custody services
and S.C.R.A with different institutions, and for remittances
out of balances already lying in S.C.R.A of the foreign
investor prior to 30th March 2000.
In this connection, it is clarified that in terms of the
instructions contained in Para 9 Chapter XX of the Foreign
Exchange Manual (Eighth Edition-2002), the fund available
in such Special Convertible Rupee Accounts can be transferred
outside Pakistan or credited to a foreign currency account
maintained in Pakistan at any time without prior approval
of the State Bank. Therefore, the above restrictions contained
in our F.E. Circular NO.03 dated the 30th March 2000 are
no longer in force.
You are, therefore, advised to follow the instructions contained
in Para 9 Chapter XX of Foreign Exchange Manual (Eighth
Edition-2002) in dealing with SCRA.