Circulars/Notifications - Exchange Policy Department  
 FE Circular No. 03 of 2017

March 24, 2017

The Presidents/Chief Executives of all
Authorized Dealers in Foreign Exchange

Dear Sirs/Madam,

Movement of Funds from Special Convertible Rupee Account & Pledge of Securities of Foreign
Investors as Margin of Ready / Cash Market Transactions

             Attention of the Authorized Dealers (ADs) is invited to the instructions contained in paras 9  & 10 of Chapter 20 of Foreign Exchange Manual-2016 regarding trading of quoted shares by non-residents through Special Convertible Rupee Account (SCRA).

2.         It has been decided to allow movement of funds from SCRA towards margin requirement for Ready/Cash Market transactions in Pakistan Stock Exchange. Accordingly, the words “Futures or Future Contract”  wherever appearing in para 9(A) ibid shall stand replaced with words “Ready/Cash/Futures”.

3.         Further, in order to cater for pledge of securities as an alternative to cash margin, following instructions shall be inserted at the end of para 10(i) ibid:

“The securities available in account/sub-account may be pledged in favor of National Clearing Company of Pakistan Ltd. in case of non-availability of funds in SCRA to meet margin requirements against purchase/sale transactions of non-resident investors in ready/cash market till settlement of respective transaction”.  

4.         ADs are advised to bring the above instructions to the notice of all their constituents.



Yours truly,

(Fazal Mahmood)

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