Attention of Authorized Dealers is invited to Para 7 & 35, Chapter 12 of Foreign Exchange (FE) Manual which, inter alia, includes instructions relating to the above subject.
2. The instructions given in the above referred paragraphs have been partially modified as under:
(i) Para 7, Chapter 12 - Retention period of Export Proceeds with Authorized Dealers upon Realization
First sentence of Para 7 Chapter 12 has been replaced with the following:
“It is permissible for exporters to retain the export proceeds including ‘Advance Payments’ in foreign currency with an Authorized Dealer in Pakistan for three working days of receipt of funds by Authorized Dealer (value date of Nostro Account) and to sell the same within this period to any Authorized Dealer.”
(ii) Para 35 Chapter 12 - Remittance of Export Commission, Brokerage & Discount and Retention of Export Proceeds in Exporters Special Foreign Currency Account.
Sub-para (ii) (c) of para 35 of Chapter 12 has been replaced with the following:
“By remittances from Pakistan, when the full export proceeds are received, within three working days of the receipt of funds by Authorized Dealer (value date of Nostro Account). The Authorized Dealers should report the full export proceeds of the bill as "Purchase" and the amount of commission remitted should be reported as "Sale".”
3. All other instructions on the subject shall remain unchanged. Authorized Dealers are advised to bring the above amendments to the notice of all their constituents for meticulous compliance.