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021203
STATE BANK OF PAKISTAN
F.E. Circular No. 17
December
3, 2002
Head
Offices/Principal Offices of all
Authorized Dealers In Foreign Exchange
Dear
Sirs
NGOs AND UN (WELFARE) ORGANIZATION WORKING IN PAKISTAN
Keeping
in view the operations of NGOs and other UN (Welfare) Organizations working
in Afghanistan, it has been decided to allow them to take out of Pakistan
foreign currency and Pak rupees over USD 10,000/ and Rs. 3,000/-
respectively by opening an account subject to the procedure explained in the
following paragraphs. Accordingly, following amendments may be made in
Chapter XVIII of FE Manual:
a) Existing Para 7 may be re-numbered as 7(i)
b) Following new Para may be added as Para 7(ii):
“As
an exception, rupee amounts encashed, at the interbank rates, from foreign
currency accounts of NGOs, UN/Other Donor Agencies, funded through
remittances from abroad, may also be allowed to be taken to Afghanistan
without any limit. Authorised Dealers would issue Encashment Certificate and
a Certificate, in duplicate, stating that the foreign currency has been
encashed for the purpose of Afghanistan. One copy of this certificate would
be submitted to Customs Authorities and the duplicate, stamped by Customs
Authorities as ‘Amount allowed to be taken out’, would be kept by the
concerned NGO/agency. The record of all such transactions would be kept by
ADs for SBP inspection.”
c) Existing Para 10 may be re-numbered as 10(i).
d) Following new Para may be added as Para 10(ii):
“As
an exception, NGOs, UN/Other Donor Agencies would be able to draw foreign
currency from their accounts without any limit for taking it to Afghanistan
to the extent of such remittances. Authorised Dealers would issue
Certificates to these entities in duplicate, one copy of which would be
submitted to Customs Authorities and the second would be kept by the
concerned NGO/agency which would, however, be stamped by Customs Authorities
as ‘Amount allowed to be taken out’. The record of all such transactions
would be kept by ADs for SBP inspection.”
Please bring the to the notice of your branches and other constituents.
Yours
faithfully,
(M. R. Mehkari)
Director
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