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040701
STATE BANK OF PAKISTAN - EXCHANGE POLICY DEPARTMENT
F.E. Circular No. 10 of 2004
July 01, 2004
The Head Offices/Principal Offices of all
Authorised Dealers in Foreign Exchange
Dear Sirs/Madam
ISSUANCE OF ATM CARDS TO
NON-RESIDENT RUPEE ACCOUNT HOLDERS-
WITHDRAWAL OF REPORTING REQUIREMENT OF FORM A-7
Attention of the Authorised Dealers is invited to Para 8 of Chapter VIII of the Foreign Exchange Manual (Eighth Edition –2002) in terms of which non-resident rupee account holders are required to fill in Form A-7 (Appendix V-7) in respect of debits/credits to non-resident rupee accounts.
With a view to facilitating the individuals maintaining non-resident rupee accounts, it has been decided to allow the banks to issue ATM Cards as well as Supplementary ATM Cards to the individual non-resident rupee account holders. The withdrawals through ATM Cards should, however, only be allowed in Pakistan. The existing requirement of filling in Form A-7 on account of all withdrawals in Pak Rupee from the above accounts for personal expenses would not be applicable to the ATM transactions. However, the banks would be required to submit a consolidated statement showing ATM transactions in the said accounts to the Director, Statistics Department, SBP, Karachi on monthly basis.
Yours faithfully,
(Azhar Kureshi)
Director
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