EDMD Circular No.18 of 2002

For business information, annual reports, laws, ordinances, regulations and articles.

021030

STATE BANK OF PAKISTAN

EDMD Circular No. 18
October 30, 2002

All Scheduled Banks/NBFI's

Dear Sirs,

Amendments in Foreign Exchange Bearer Certificates Rules 1985 & Three Years Foreign Currency Bearer Certificates Rules 1997

The Federal Government vide its Notifications dated 28th September 2002 (copies enclosed) has omitted Rule 8 A of Foreign Exchange Bearer Certificates 1985 & Rule 11 of Three Years Foreign Currency Bearer Certificates Rules 1997, which read as under:-

Rule 8 A (FEBC Rules 1985)	“No Claim of any nature will be entertained in case any certificates lost, stolen, destroyed, mutilated or burnt.”
Rule 11 (3 Year FCBC Rules 1997)	“No Claim of any nature whatsoever shall be entertained in respect of certificate lost, stolen, destroyed mutilated or burnt.”

After omission of the above Rules, the holders of Foreign Exchange Bearer Certificates and Foreign Currency bearer Certificates of 3 years tenor shall be able to lodge a claim for issuance of duplicate certificates in lieu of lost, stolen, destroyed, mutilated or burnt certificates as per procedure specified in Public Debt Act 1944 & Public Debt Rules 1946.

Yours faithfully

(MUHAMMAD ARIF)
Junior Joint Director

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