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021216

STATE BANK OF PAKISTAN

F.E. Circular No. 19
December 16, 2002

All Head Offices/Principal Offices 
of Authorized Dealers In Foreign Exchange

Dear Sirs,

REGISTRATION REQUIREMENT WITH BOARD OF INVESTMENT FOR PAKISTANI AGENTS TO REPRESENT FOREIGN COMPANIES

In terms of Para 1 (iii) and Para 3 Chapter XIV of Foreign Exchange Manual (Eighth edition) the Cargo Consolidators/Forwarders who are approved members of FIATA or Foreign Airlines, General Sales Agents and Shipping Companies/Agents are required to be registered with Board of Investment, Government of Pakistan.

2. It has now been decided to exempt the Pakistani local owned companies working as agents of foreign shipping companies, airline companies, cargo consolidators or courier service companies from registration requirement with the Board of Investment. Under the revised procedure, the applicants would now apply for NOC/registration/renewal directly to their respective regulatory authority i.e. Director General (Ports and Shipping wing) Ministry of Communications and Railways, Civil Aviation Authority & Director General Pakistan Post Office, Ministry of Communications and Railways, Government of Pakistan.

Accordingly Para 1(iii) and Para 3 (j & m), of Chapter XIV of Foreign Exchange Manual are amended with immediate effect to read as under.

“1(iii) Cargo Consolidators/Forwarders who are approved members of FIATA and registered with regulating authorities as per Para 1(iv) ibid may accept freight in rupees without the prior approval of the State Bank only in respect of Pakistani exports cargo on C&F/CIF basis as per procedure prescribed in paragraph 29 of Chapter X11 of the Manual provided the consignment is being dispatched against Advance Payment or an irrevocable letter of credit which contains a provision for issuance of documents of title under Cargo Consolidation System and a certificate to this effect issued by the Authorised Dealer on Appendix V-13  is produced.

3(j) A copy of manifest of Cargo Consolidators together with relative non-negotiable copies of House Bill of Lading or /House Airway Bill (quoting reference of original Master Bill of Lading or Master Airway Bill issued by them with names of each shippers), “E” Form Certificates prescribed vide Para 29 of Chapter XII of the Manual, Encashment Certificate where freight is paid in foreign exchange separately  and a copy of valid permission letter given by the regulating authorities as stated under Para 1 (iv) ibid.

3(m) In the case of agents, a copy of the valid permission letter given by the regulating authorities as stated under Para 1 (iv) ibid for acting on behalf of the foreign principal.”

The following new Para may be added as “Para 1(iv)” Chapter XIV of Foreign Exchange Manual:-

1(iv) The Regulating Authorities for respective Agents of Foreign Principals are as below:

Yours faithfully,

(M. R. Mehkari)
Director

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