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2. You are, therefore, advised to issue these Bonds to those Pakistani account holders of foreign currency deposits, who opt to purchase the same in the desired denomination and maturity. You are advised to contact Chief Managers, State Bank of Pakistan, Karachi and Lahore Offices for meeting your requirement of bonds of the desired denomination for distribution to your authorised branches. While issuing the bonds, the name of bank branch and the date of issue will be indicated by you on each bond.

3. Till printing and supply of these bonds, temporary receipts may be issued to the Account holders in running number with prefix ‘K’ and ‘L’ (‘K’ for Karachi and ‘L’ for Lahore) which will be exchanged with bond in due course.

4. For issuing the US Dollar Bonds, the D.M./J. Yen/P. Stg. amounts of the foreign currency deposits will be converted into US Dollar by crossing the State Bank’s spot buying rate for US Dollar with the rates of these currencies published by the Foreign Exchange Rates Committee for "foreign currency accounts."

5. The Authorised Dealers through their Head Office/Main Branch will deposit with State Bank; the rupee amount at SBP spot buying rate, in those cases where they had not obtained forward cover, and at the rate at which contract (s) were booked, if forward cover was obtained and issue the bonds. The forward cover fee for the unexpired period of the contract, if any, will be refunded to the concerned bank by Karachi and Lahore Offices of the State Bank of Pakistan. The Authorised Dealers will report the issue of special U.S. Dollar Bonds to the Chief Manager, State Bank of Pakistan, Karachi/Lahore in the Form USDB-1 on daily basis.

6. The necessary working procedure regarding payment of interest and escashment of the bonds on maturity will be issued separately.

Please acknowledge receipt.


Yours faithfully,

Sd/-
(MAHBOOB KHAN)
Assistant Director