Endorsement of Shipping Documents by Authorised Dealers. Holders of such accounts are, however, free to transfer their accounts from one Authorised Dealer to another. It will be the responsibility of the Authorised Dealers to see that the above statements are submitted to the State Bank on due dates and that all cases of exports which become overdue are invariably incorporated in these statements and that there is no omission in this regard. If any security, shares and real estate which has been specifically bequeathed to persons resident outside Pakistan are to be transferred to such beneficiaries, the applications should also contain full particulars of such securities, shares and real estate. Issue of Policies to Foreigners residing in Pakistan. Forward transactions with overseas branches and correspondents. Special Features of various Aid, Loans and Credits.
Transfer to the Credit of Non-Resident Bank Accounts. Applications for opening such letters of credit should be referred to the State Bank with full particulars. Tuition fee and other dues Health, Insurance, Union, sports fees etc. Once you've defeated him, continue making your way toward the bridge, but be careful about placing your units in the range of the ballistae; you already know why I'm telling you this. Charter of Foreign Ships and Aircrafts. Travel by non-resident Pakistan nationals.
Sale of foreign exchange for Professional Training. While releasing foreign exchange to the above travellers, the Authorised Dealers will retain a copy of the above No Objection Certificate and forward the same to the Exchange Policy Department alongwith the relevant return of foreign exchange transactions. An Authorised Dealer shall, before undertaking any transaction in foreign exchange within the scope of its authorisation, on behalf of any person, require that person to make such declarations and to give such information as will reasonably satisfy it that the transaction will not involve and is not designed for the purpose of any contravention or evasion of the provisions of the Act or of any rules, directions or orders made thereunder. Premia on Rupee life policies held by Pakistanis resident abroad must be received either by remittance from abroad or out of Rupees held in the non-resident account of the policy holder. It's rated very well and the level of instruction is good. Remittance of Surplus Passage and Freight Collections. Exchange policies regarding exports cover all goods exported from Pakistan irrespective of whether they are subject to licence under the Export Trade Control Regulations or not.
Special Foreign Currency Accounts of Private Power Projects. Exposure Limits and Nostro Limits. The statements should be sent to the State Bank by the end of the month following that to which they pertain. It should also be verified from the passport that the journey for which the instalment of private travel exchange quota was last drawn, was actually undertaken. Retention of a part of incremental export earnings.
Certain categories of imports are exempted from the Import Trade Control Regulations. For the remaining items, banks in Pakistan and the U. Period of validity of approval by the State Bank. Forward cover will also not be provided for Foreign Direct Investment. The Authorised Dealers accepting such deposits are free to lend, invest and place on deposit such funds in Pakistan and abroad subject to the observance of regulations prescribed under the Banking Companies Ordinance.
On receipt of the shut-out notice, the Authorised Dealer should treat the relative export forms as cancelled and forward the shut-out notice to the State Bank. Exports from Pakistan can be insured by the exporters only if the goods are shipped on C. The State Bank may direct Authorised Dealers at any time to sell either ready or for forward delivery, foreign currency or currencies held by them to the State Bank or to such other person or persons as the State Bank may direct. As an exception to the rules set out in paragraph 1 i to j of this chapter, Authorised Dealers can accept foreign currency deposits from their overseas branches and foreign banks operating abroad, including financial institutions owned by them, provided the amount and period of maturity of such deposits is not less than those prescribed from time to time. In all other cases the foreign currency receipts in respect of discounted bills will not be considered as delivery against forward contract and the Authorised Dealer will discount the bill at its current applicable rate and close out the contract on maturity. Dollar or in Pakistan rupee from a non-resident bank account. Release of foreign exchange to such officials will continue to be made by the State Bank.
The Authorised Dealers have general permission to make advance payments or arrange remittances against the prescribed documents on receipt of goods in Pakistan. Purchases in case of exports on consignment sale basis, may be made at any time after the shipment has taken place but the last date of delivery should not fall after six and a half months from the date of shipment. Dollar, if the exporter wishes to cover only such risk and to carry dollar versus rupee risk himself. However, there will be no restriction on bringing in foreign currency through banking channels from outside the country. Letters of credit for import of old ships for scrapping may be opened by the Authorised Dealers in accordance with the normal procedure after scrutiny of the following documents: i Memorandum of agreement or contract of sale; and ii Confidential reports on buyers and sellers. It will be in the interest of Authorised Dealers and other holders of the Manual to ensure that it is kept updated and the old pages are regularly replaced by new pages whenever issued.
The maturity proceeds or surrender value of foreign currency policies held by foreign nationals may be paid in rupees or in the currency of the policy. Claims on Rupee policies can be paid in Rupees only even in cases where the beneficiary is a non-resident. Such cover would be provided on the basis of a certificate from the concerned Authorised Dealer confirming, inter-alia, that no forward cover has been provided by it against the transaction. I'll lay them out here: 1. In order that no difficulties arise on this score, the following procedure is suggested for adoption by all banks. In case of shipments by Pakistan flag vessels, Pakistani Shipping Companies can accept payment of freight in Rupees without approval of the State Bank.
On realisation of the proceeds the equivalent U. Remittance involving Violation of I. Special Requirements for Export of Wool and other Commodities subject to Grading Scheme. There will be one consolidated application in respect of dividends due to all the non-resident shareholders. Statement Appendix V-34 for airlines and V-36 for shipping companies.