20000102

All FCA

facilities

to expats

intact: SBP

RECORDER REPORT

KARACHI: The State Bank has made it clear that no facilities have been withdrawn from the foreign currency accounts held by the non-resident Pakistanis.

The Bank has issued a circular clarifying the concessions available to the foreign currency account holders and overseas Pakistanis.

"Some misgivings are being created regarding the position of incentives available on foreign currency accounts held by the non-resident, overseas Pakistanis after the changes recently announced by the government", said the circular.

"In particular, immunity from inquiring about the sources of deposits and exemptions from taxes remain intact and will continue to remain so," the circular added.

It said that the government has withdrawn these facilities from resident Pakistanis.

"For them, while the choice of holding foreign currency will remain available, this will be no different than local currency deposits and accounts, which are subject to taxation", the circular said.