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020219
STATE BANK OF EXCHANGE POLICY DEPARTMENT KARACHI
F.E. Circular No. 5
February 19, 2002
All Authorised Dealers
in Foreign Exchange
& Money Changers,
Dear Sirs,
OPENING OF SPECIAL FOREIGN CURRENCY ACCOUNTS BY SHIPPING COMPANIES.
Attention of Authorized Dealers
is invited to paragraphs 5 & 6, Chapter XIV of Foreign Exchange Manual (8th
Edition, 2002).
2. In terms of Para 5(ii) of Ministry of
Communications and Railways (Communications Division)’s Notification No.
3(4)/97-P&S II. Vol-II dated the 11th August, 2001 regarding Pakistan
Merchant Marine Policy 2001, it has now been decided to delegate the powers to Authorized
Dealers to allow Shipping Companies to open Special Foreign Currency Accounts in Pakistan.
3. Consequently, the following may be added as
sub-paragraph (i) of paragraph 6 of Chapter XIV ibid.
(i) “Ship owners, charterers and
operators and/or owners, charterers, and operators of all floating crafts including tugs,
dredgers, survey vessels and other specialized crafts may open and operate foreign
currency accounts in Pakistan. They will be permitted to operate these accounts for both
receipts and payments of foreign exchange. Such foreign currency account holders may
retain their surplus earnings in these accounts and shall surrender the same within three
months of closing of the financial year. Foreign partners in Pakistan based Joint Venture
companies may receive their share of profits after tax. Operation of such account will be
subject to the following conditions;
a) Cash deposits and cash withdrawals from these
Accounts will not be permitted.
b) All reporting requirements that are
applicable for existing Foreign Currency Accounts maintained by the Shipping Companies
abroad would also be applicable to those special Foreign Currency Accounts.
c) All withdrawals in Pak Rupees will be at Interbank
rate”.
Yours faithfully,
(M. R. MEHKARI)
Director
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