010823

STATE BANK OF PAKISTAN CENTRAL DIRECTORATE KARACHI

EDMD Circular No. 5
23rd August 2001

All Authorised Dealers,

Dear Sirs,

Redemption of Special US Dollar Bonds

Please refer to EDMD Circular No. 4 dated 11th august 2001 on the captioned subject.

In regard to reinvestment of Bonds of three years maturity as provided in Rule 10(3) of Special US Dollar Bonds Rules 1998 and amended from time to time, it is clarified as under:-

1. Immunities against Income tax and levy of wealth tax will continue to be available to:-
* Special US Dollar Bonds of bearer and registered categories purchased prior to 16th December 1999.
* Special US Dollar Bonds of registered category purchased from frozen Foreign Currency Accounts on or after 16th December 1999.

2. Zakat shall not be deducted on Bonds of both the categories.

Yours faithfully,

(Muhammad Shakir)
Director