Enquiries have been recived whether the foreign shipping companies/airlines which are operating their ships/aircraft in/through Pakistan can open non-resident PLS rupee accounts with the Authrised Dealers in Pakistan. It is Clarified that they cannot do so. The foreign shipping companies/airlines can, however, open non-profit bearing non-resident current accounts with the Authorised Dealers in Pakistan after obtaining specific permission from us. These accounts will obviously be opned for the purpose of keeping the fright/passage collections in Pakistan pending authorization of State Bank of Pakistan for remittance of such funds from the country.
F.E Cir. No. 14 dated 16\4\95
Attention of Authorised Dealers is invited to F.E. Circular No. 12 dated the 20th March, 1995 on the captioned subject.
2. We have to advise that the shipping companies/airlines who have offices in Pakistan are also precluded from opnening PLS rupee accounts. They can, however, open/maintain non-profit bearing resident rupee accounts for the purposes and subject to the conditions laid down in the above F.E Circular. RETURN
