04-13-2010, 07:33 PM
Faisal,
Please go through this para of Forex Manual of SBP.
9.(a) Trading of Quoted Shares by Non-Residents.
(i) Non-residents are allowed to trade freely in the shares quoted on the Stock Exchanges in Pakistan. For this purpose the non-residents will be required to open "Special Convertible Rupee Account" with any Authorised Dealer in Pakistan. Such accounts can be fed by remittances from abroad or by transfer from a foreign currency account maintained by the non-resident investor in Pakistan. The balance available therein can be used for purchase of any share quoted on the Stock Exchange. Payment for such purchases may be debited to the account on production of stock broker's memo showing sale of shares to the account holder and disinvestments proceeds may be credited provided evidence of the sale price in the shape of stock broker's memo is produced. The fund available in such special accounts can be transferred outside Pakistan or credited to a foreign currency account maintained in Pakistan at any time without prior approval of the State Bank. These accounts can also be credited with dividend income. Transfers from one such account to another may also be made in case of transfer of shares between the two account-holders.
At all places the word, "will" or "shall" has been used, my understanding is that if the foreigner does not open Sp Rupee Account in Pakistan, he could not do trading in Pakistan.....................Is it like?
Regards,
*
Please go through this para of Forex Manual of SBP.
9.(a) Trading of Quoted Shares by Non-Residents.
(i) Non-residents are allowed to trade freely in the shares quoted on the Stock Exchanges in Pakistan. For this purpose the non-residents will be required to open "Special Convertible Rupee Account" with any Authorised Dealer in Pakistan. Such accounts can be fed by remittances from abroad or by transfer from a foreign currency account maintained by the non-resident investor in Pakistan. The balance available therein can be used for purchase of any share quoted on the Stock Exchange. Payment for such purchases may be debited to the account on production of stock broker's memo showing sale of shares to the account holder and disinvestments proceeds may be credited provided evidence of the sale price in the shape of stock broker's memo is produced. The fund available in such special accounts can be transferred outside Pakistan or credited to a foreign currency account maintained in Pakistan at any time without prior approval of the State Bank. These accounts can also be credited with dividend income. Transfers from one such account to another may also be made in case of transfer of shares between the two account-holders.
At all places the word, "will" or "shall" has been used, my understanding is that if the foreigner does not open Sp Rupee Account in Pakistan, he could not do trading in Pakistan.....................Is it like?
Regards,
*
