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010929
THE BANK OF PAKISTAN CENTRAL DIRECTORATE KARACHI
EDMD
Circular No.8
29th September, 2001
All Authorised
Dealers
In Foreign Exchange
Dear Sirs,
REDEMPTION OF SPECIAL US DOLLAR BONDS OF 3 YEARS MATURITY-PROCEDURE THEREOF
Please refer to EDMD Circular
No.4 dated 11-08-2001 regarding redemption of SUSDBs of three years maturity wherein
options of encashment in PKR and re-investment of the amount were provided in addition to
redemption of bonds in US Dollars.
In this regard, you are advised to provide/insert Sub para iv & v if para 4 of
procedure relating to issue, management, repayment etc. for SUSDBs (Bearer or Registered)
for 3, 5 & 7 years maturity circulated vide our letter No.SD/3930/3(166)-98 dated
07-12-1998 and follow as detailed below:
1. For
redemption of SUSDBs in US Dollar, para 4 of procedure is to be followed by using SUSDB
Form-8 and Form-9.
2. For redemption in PKR and for availing
reinvestment option, new Sub paragraphs as (iv) and (v) are to be inserted in para 4 of
the procedure as under:-
Para 4 Sub Para (iv)
Bonds of 3 years maturity are encashable in PKR on or after maturity date with 5 % bonus
on the total rupee face value of the bond, after applying rupee conversion rate preceding
the maturity date. After repayment, a daily report shall be forwarded by the office of
issue, to their head office in SUSDB Form 8A-I and head office will claim reimbursement
there against from SBP in SUSDB Form9A-I alongwith submitting Bond duly discharged by the
holders and authenticated by issuing office.
Para 4 Sub Para (v)
(a)
SUSDBs of 3 years maturity presented for reinvestment shall be accepted duly
discharged by holder of the bond with identification. In case of registered category the
bonds will be accompanied with the prescribed Form (Annexure – I) of the procedure
referred above duly filled in and signed by the beneficiary.
(b) Bonds presented for reinvestment will not be
stamped as “paid” and instead on back side of each bond, a stamp be affixed as
“discharged on (date) on account of reinvestment, with effect from (date) ” duly authenticated by authorised official of
the issuing office.
(c) The investor will be issued new bonds by the
issuing offices, mentioning the date of reinvestment effective from maturity date. The
bonds issued as roll over will carry remarks on the upper face of the bond as “
Issued against Re-investment”
(d) Discharged bonds will be sent by issuing
offices to their head offices in Form-8B with detail of bonds issued as reinvested. Main
office of the banks will report the position with the discharged bonds to State Bank of
Pakistan in Form-9B.
Yours faithfully,
Sd/-
(Farrukh Aleem)
p. Director
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