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030210
STATE BANK OF PAKISTAN FOREIGN EXCHANGE DEPARTMENT KARACHI
F.E. Circular Letter No. 4
March 10, 2003
The Head Offices/Principal Offices of All
Authorized Dealers in Foreign Exchange.
Dear Sirs,
Special Convertible Rupee Account (SCRA)
It has been observed
that Authorized Dealers frequently approach State Bank for approval for
remittances of disinvestment proceeds where foreign investors maintain custody
services and S.C.R.A with different institutions, and for remittances out of
balances already lying in S.C.R.A of the foreign investor prior to 30th March
2000.
In this connection, it is clarified that in terms of the instructions contained
in Para 9 Chapter XX of the Foreign Exchange Manual (Eighth Edition-2002), the
fund available in such Special Convertible Rupee Accounts can be transferred
outside Pakistan or credited to a foreign currency account maintained in
Pakistan at any time without prior approval of the State Bank. Therefore, the
above restrictions contained in our F.E. Circular NO.03 dated the 30th March
2000 are no longer in force.
You are, therefore, advised to follow the instructions contained in Para 9
Chapter XX of Foreign Exchange Manual (Eighth Edition-2002) in dealing with
SCRA.
Yours faithfully,
(Zahid Rafique)
Joint Director
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