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Foreign Assets (Declaration) Regulation, 1972

10th January, 1972

1. (1) This Regulation may be called the Foreign Assets (Declaration) Regulation, 1972. 

(2) It shall apply to all citizens of Pakistan wherever they may be except : 

(a) bona fide students engaged in studies or training in a foreign country; or 

(b) any person employed in any capacity in a foreign country; or 

(c) a wage-earner residing in a foreign country. 

2. In this Regulation, “person” includes a firm, association of persons, body of individuals, whether incorporated or not, a company and any other juridicial person. 

3. (1) Any person who owns any movable or immovable property, not being foreign exchange, in any country other than Pakistan shall declare on or before the 15th February, 1972, to the State Bank of Pakistan its description and value and the income derived therefrom in the manner laid down in paragraph 4. 

(2) The movable properties declare under sub-paragraph (1) shall be repatriated to Pakistan on or before the 15th March, 1972, and the value of the immovable properties and the income derived therefrom so declared shall be repatriated to Pakistan on or before such date as the Federal Government may, by notification in the official Gazette, specify in this behalf, and different dates may be specified for different persons or classes of persons : 

Provided that the Federal Government may exempt any person from the operation of the provisions of this sub-paragraph in respect of any immovable or movable property held by him abroad for bona fide purposes of trade of business. 

(3) A bonus of forty-five per cent shall be allowed by the State Bank of Pakistan on the foreign exchange repatriated under sub-paragraph (2). 

(4) The rupees equivalent of any amount repatriated under sub-paragraph (2) shall not be chargeable to any tax to which it would, but for this Regulation, have been liable. 

(5) In this paragraph “movable property” includes : 

(a) stocks and shares or other instruments the value of which can be expressed in term of money; 

(b) Jewellery; and 

(c) any articles of household or personal effects the value of which exceeds five thousand rupees. 

4. (1) A declaration in respect of property under paragraph (3) shall be made in the form of a statement which shall be signed by the person making it, giving particulars of such properties and the incomes derived therefrom, if any, and shall be submitted to any of the following officers of the State Bank of Pakistan, namely : 

     (a) Deputy Director, Exchange Control Department, State Bank of Pakistan, Karachi. 

     (b) Manager, State Bank of Pakistan, Quetta. 

     (c) Manager, State Bank of Pakistan, Lahore. 

     (d) Manager, State Bank of Pakistan, Rawalpindi. 

     (e) Manager, State Bank of Pakistan, Faisalabad. 

     (f) Manager, State Bank of Pakistan, Peshawar. 

(2) A statement under sub-paragraph (1) may be delivered in person or may be sent by registered most acknowledgment due. 

(3) The date of handing over the statement to the officer concerned if delivered personally, or to the Postal Department for despatch if sent by registered post, shall be deemed to be the date of submission of the statement. 

5. All declarations made under paragraph (3) shall be treated as confidential and no Court or other authority shall be entitled to require the production of any such declaration in any proceeding before it. 

6. Any person who fails to submit a statement relating to his property under paragraph (4) or to repatriate the same or the value or income thereof as required by or under this Regulation or makes a statement which he knows to be incorrect shall be punished with transportation for life and also with confiscation either of the whole or any part of his property in Pakistan. 

7. Any person who in contravention of any law for the time being in force in Pakistan acquires or attempts to acquire any movable or immovable property in a country other than Pakistan after the commencement of this Regulation shall be punished with transportation for life and also with confiscation either of the whole or any part of his property in Pakistan. 

8. (1) The Federal Government may make such rules and issue such directions not inconsistent with the provisions of this Regulation as it may consider necessary for carrying out the purposes of this Regulation; and such rules or directions may provide for matters for which no provisions or sufficient provision exists in this Regulation. 

(2) All rules or directions issued under sub-paragraph (1) shall upon being notified in the official Gazette, be deemed to be part of this Regulation and have effect accordingly. 

9. No person shall be prosecuted for any contravention of any of the provisions of this Regulation except with the sanction of the Federal Government or an officer authorised by it in that behalf. 

10. (1) Martial Law Regulation No. 35 issued by the Chief Martial Law Administrator is hereby repealed. 

(2) For the evidence of doubt it is hereby declared that no prosecution shall lie against any person after the commencement of this Regulation for contravention of any of the provisions of Martial Law Regulation No. 35 repealed by sub-paragraph (1). 

 

APPENDIX FORM “P” 

Foreign Exchange Regulation Act, 1947

Portion to be retained by the State Bank

Application to effect booking of passage/s by sea or air or any other mode of conveyance on payment in Pakistan Rupees.

I/We apply for permission to book the undermentioned passage/s for journey from………………..to……………as per details given below :-

   

Name of Steamship/Airline Name of Steamer/Flight number/Date of Departureor other method of Conveyance

Name of Steamer/Flight number/Date of Departure

Destination

Route

Class of passage (i.e. first class, tourist class etc.) as the case may be

Cost of Passage in Pakistan Currency

 

 

 

 

 

 

 

 

1.   (a) Full name and address of the 

      applicant.                            ……………………. 

     (b) G.I.R. No. and Income-Tax Circle in 

     case the applicant is income-tax payer in 

     Pakistan, if not, write nil.            ……………………. 

2.   (a) Full name and Nationality of the 

     passenger, his Passport No. and date of 

     issue.                                      ……………………. 

     (b) Identity card number, date and place 

     of issue.                                   ……………………. 

3.   Relationship between applicant and 

     passenger.                                 ……………………. 

4.   Length of residence of passenger in 

     Pakistan.                                   ……………………. 

5.   Profession or business of passenger 

     within Pakistan.                           ……………………. 

6.   Purpose of visit for which passage is 

     desired to be booked.                   ……………………. 

7.   The date on which the country of 

     destination was visited last.           …………………….

 

(Valid for one month from date of 

 approval for travel by air, 

 in case of travel by ship 

valid for three months). 

No…………….. 

Date………….. 

M/s……………………………………………………………………….are hereby 

                             (Name of carrier) 

authorised to book the passage/s of……………………………………………… 

                                                       (Name/s of passenger) 

of………………………….holding Passport No………….date of issue…………. 

     (Country of domicile) 

by…………………………..from………………………….to……………………….. 

     (Method of conveyance) 

in…………………………….The passage should be booked by the normal direct 

     (Class of Passage) 

route to the destination, Cost of passage/s amounting to/not exceeding Pakistani Rupees…………..

may be collected from………………………………………………………..in Pakistani Rupees. 

     (Name of person/Company paying the cost of passage/s) 

   

STATE BANK OF PAKISTAN                       ASSISTANT CONTROLLER 

EXCHANGE CONTROL DEPARTMENT 

8.   Was permission of the State Bank 

     sought for this passage in the 

     past by the passenger or by the 

     applicant or any person on his 

     behalf. If so, the name of the 

     office of the State Bank at which 

     the application was made previously 

     and its outcome may be disclosed.       ……………………. 

9.   In case of rebated passage, certificate from the airline concerned should be enclosed indicating rent of 

      rebated passage facility under IATA Regulations. 

10. Consideration for which the rebated passage has been granted by the airline. …………………… 

11.  In the case *Non-Resident passenger : 

     (a) How funds were obtained for 

     support while in Pakistan?              ……………………. 

     (b) Particulars of remittance received 

     from abroad.                            ……………………. 

For this purpose by the term “Non-Resident” is meant foreign nationals resident in Pakistan for less than six months. 

I declare that the information furnished by me above is correct and in the event of its being not correct, I hold myself liable for such action as may be deemed fit under the Foreign Regulation Act, 1947.

 ……………………………… (Signature of the applicant)

 

 

FORM T-1 

FOREIGN EXCHANGE REGULATION ACT, 1947 

Application for Foreign Exchange for Travel

If the applicant is an income tax       Name and address of Authorised 

payer, please indicate :                   Dealer 

G.I.R. No……………….                  Identity Card No., date and 

and the Income tax Circle…            place of issue……………. 

If applicant is not an income tax 

payer, the word `Nil' should be 

clearly stated. 

I/We undersigned hereby apply to obtain Foreign Exchange as detailed hereunder for travel abroad : 

 

 

Amount Applied (state currency)

Cash or Travellers Cheques

Date proceeding

Destination

Purpose of visit

 

 

 

 

 

 

 

The following members for whose benefit exchange is also applied for are accompanying me :- 

 

Name

Age

Relationship

Particulars of Exchange required

 

 

 

 

 

 

I/We hereby declare that : 

(1) the amount of Foreign Exchange applied for is to cover the basic exchange allowance for myself and members of my family as shown in the application or on attached sheet and who are travelling with me for the journey as described above; 

(2) the amount of exchange drawn for each member of the family including self shall be used solely for the living and travelling expenses of that person in the countries for which exchange is sanctioned and that in the event of cancellation, postponement or changes in the travel programme of any of those persons, I undertake the full responsibility to resell, in compliance with the sub-section (3) of Section 4 of the Foreign Exchange Regulation Act on cancellations of (any of) the ticket(s) voucher(s) or my failure to depart as indicated above I/We shall without delay refund the exchange drawn by me/us for the journey which is not undertaken to an Authorised Dealer in Foreign Exchange in Pakistan. If the journey is not undertaken within the validity of the passage approval, I/We shall immediately apply to State Bank of Pakistan for permission to allow me/us to retain the Foreign Exchange drawn by me/us for the journey to be undertaken subsequently. Failing the receipt of such permission I/We shall resell the exchange without delay to an Authorised Dealer in Foreign Exchange in Pakistan; 

(3) the exchange issued to me under this form may only be taken out by me/us on my/our departure from Pakistan and may not be sent out by post or through the medium of any other person or by any other means; 

(4) on my return to Pakistan I/We shall make immediate arrangements to resell the Foreign Exchange which may be utilised to an Authorised Dealer in Foreign Exchange in Pakistan; 

(5) if I/We receive any foreign exchange through any other source for defraying may/our expenses, etc., abroad, foreign exchange so obtained will be declared on return to the State Bank of Pakistan. Further I/We will surrender to an Authorised Dealer in Pakistan foreign exchange drawn from Pakistan to the extent of foreign exchange obtained abroad. 

Name………………………… 

               (Block Letters)      Address………………………      …………………………..   Signature of the applicant 

………………………Phone No…………………. 

Passport No…………date……….Issued at……..Nationality….. 

 

 

(Valid for 30 days from the date of issue) 

STATE BANK OF PAKISTAN CERTIFICATE OF APPROVAL 

(if required)

Approved for………………………………………………….

Approved for…………………………………………………. 

                    (State amount in figures and words) 

Approval No…………………                                                                            ……………………………. 

                                                                                                                 Signature and Seal of the 

Date………………………..                                                       State Bank of Pakistan 

To be completed by an Authorised Dealer

1. We have examined the Passport/s, Pilgrim Pass/es or Emergency Certificate/s and confirm that their particulars as given overleaf are correct. 

2. We have examined the ticket/s voucher/s covering the passage/s booked for the journey of the applicant (and him family if a group issue) the particulars of which are below : 

 

 

Ticket No./s

Ship of Airline

Schedule Date of Departure

Immediate Destination

 

 

 

 

 

 

3. We have issued the following exchange under this application as approved, the particulars of which we have endorsed on the applicant's Passport/Pilgrim Pass and (in case of group issue) on the Passport/Pilgrim passes of each person for whom exchange is issued under this application. 

Amount/s issued (stating currency)

 

(i)                                          (ii) 

Travellers Cheques                      Currency Notes 

……………………………                   …………………………… 

……………………………                   …………………………… 

……………………………                   …………………………… 

Coding of Transaction by Authorised Dealer/State Bank

Country of destination……………………. 

Purpose/Category of Travel……………….. 

Department……………………………… 

Amount of Foreign Exchange drawn (in figures) 

   

(In words)………………………………………………………………………. 

I hereby certify having received the exchange issued to me as above. 

    …………………………….    Signature of the applicant 

THE SENIOR DEPUTY DIRECTOR 

EXCHANGE CONTROL DEPARTMENT, 

STATE BANK OF PAKISTAN, KARACHI

Dear Sir, 

Please approve the enclosed P/P2 form/issue NOC for travel by Land Route via Nokundi/Wagah Check Post for my/our visit to……………………………………………………for………………………………………………….. 

                                    (Country)                                           (Purpose) 

I give below particulars of my Passport and of my family members going with me. 

 

 

Name

Profession

Place of

Passport

Place of issue of previous Passport

Date of return from last visit

 

 

 

 

 

 

 

 

2.  The name of my present/last employer in Pakistan is given below : 

Name & Address…………………………………….. 

3.  My expenses outside Pakistan will be borne by my Father/Husband/Brother/Sister/Son/Daughter whose name and address is given below : 

Name and Address……………………………………. 

4. I/We shall stay abroad for……………days and close form T/T-1 duly completed for the release of U.S. $……for my/our expenses abroad. I/We undertake that if my/our stay abroad is for a period less than the period for which exchange will be released, I/We will surrender the excess amount of foreign exchange to an authorised Dealer in Pakistan within a month from the date of my/our arrival in Pakistan and produce a Bank Certificate to this effect together with my/our Passport to your office for inspection. 

5.  I enclose photo-stat copies of the following documents : 

(i)   NOC of………………………………………….. 

(ii)  Certificate from present/last employer. 

(iii) Retirement order from Government/Semi-Government Service. 

(iv)  Tickets/PIA/Passage order of………………..Airline/Shipping Company paid for abroad. 

(v)   Visa or entry Permit for Work/stay/joining/immigration. 

(iv)  Employment Letter/Service Agreement. 

(vii)……………………………………………….. 

(viii) ……………………………………………… 

 

 

                                (For official use only) 

          P/P2 form NOC…………………Adults………….minor 

          for……………….Sector for Rs………………….. 

          on……………….Airline/Shipping Company, be issued 

          with T/T-1 for U.S. $………………………………. 

 

 

6. The name and address of my employer abroad is given below : My Employer will/will not pay me cost of passage in foreign exchange according to Service Arrangement. 

7. The additional information in connection with my/our travel abroad is as under : 

I declare that the information furnished above by me is true to the best of my knowledge and belief and that nothing relevant to the above information has been omitted or suppressed. I under stand that if the information found to be incorrect I shall be liable to action under the Foreign Exchange Regulation Act, 1947. 

I hereby untertake to surrender my passport to the State Bank of Pakistan for inspection within a period of two weeks from the date of my return to Pakistan from abroad. 

               I/We have no other passport/s.

 Your faithfully,                                         (Signature/Thumb impression)                                         Name…………………….                                         Address………………….                                                …………………. 

 

FOREIGN EXCHANGE REGULATION ACT 

(VIII OF 1947) 

Application to effect booking of passage/s by sea or any 

other mode of conveyance on payment in Pakistan Rupees

 

I/We apply for permission to book the undermentioned passage/s for journey from………………..to…………

…as per details given below : 

 

 

Name of Steamship/ Airline or any method of conveyance

Designation

Countries en route to be visited

Class of Passage (i.e. first class etc., as the case may be)

Cost of passage/in Pakistan Currency

 

 

1.   (a) Full Name/nationality 

      and address of the 

      applicant.                                ……………………. 

     (b) G.I.R. No. and Income-Tax Circle in 

     case the applicant is income-tax payer in 

     Pakistan, if not, write `Nil.            ……………………. 

2.   Full name and nationality of the 

     passenger/s passport number/s and date 

     of issue.                                   ……………………. 

3.   Relationship of the applicant with 

     the passenger/s.                        ……………………. 

4.   Length of residence of passenger/s 

     while in Pakistan/abroad.             ……………………. 

5.   Profession or business of passenger/s 

     while in Pakistan/abroad.             ……………………. 

6.   Purpose of visit for which passage is 

     desired to be booked.                 ……………………. 

7.   The date on which and the country 

     visited last.                             ……………………. 

FORM `P' Counterfoil

(Valid for one month from date of approval)

No……………. 

Date………….. 

M/s………………………………………………….are authorised to book the passage/s of…………………………. 

                                                         (Name/s of passenger/s) 

of……………holding Passport number/s……………………….date of issue……………..by………………………from………………………… 

                    (Method of Conveyance) 

to…………………………………………………………………………… 

                    (Class of Passage) 

The passage should be booked by the direct route to the destination cost of passage/s amounting to not exceeding Pak. Rs………………may be collected from…………………………………………………………… 

                                                               (Name of person/s Company paying the cost of passage/s) 

in Pakistan Rupees. 

                                                            Senior Deputy Director 

E.C.D., S.B.P., C.D., KARACHI. 

 

8.   Was permission of the State Bank                ……………………………….. 

     sought for this passage in the                      ……………………………….. 

     past by the person on his                             ……………………………….. 

     behalf? If so, the name of the                      ……………………………….. 

     office of the State Bank at which                 ………………………………… 

     the application was made previously             ……………………………….. 

     and its outcome may be disclosed.               ……………………………….. 

9.   In case of rebated passage, 

     certificate from the airline                            ……………………………….. 

     concerned should be enclosed                       ……………………………….. 

     indicating remit of rebated                           ……………………………….. 

     passage facility under IATA                          ……………………………….. 

     Regulations.                                              ……………………………….. 

10.  Consideration for which the rebated 

     passage has been granted by the airline.   ……………………………….. 

11.  In the case Non-Resident passenger:-     ……………………………….. 

     (a) How funds were obtained for 

         support while in Pakistan?                   ……………………………….. 

     (b) Particulars of remittances 

         received from abroad.                          ……………………………….. 

 

I declare that the information furnished by me above is correct and in the event of its being not correct, I hold myself liable for such action we may be deemed fit under the Foreign Exchange Regulations. 

 

                                          (Signature of the applicant)

For this purpose by the term “Non-Resident” is meant Foreign Nationals, resident in Pakistan for less than six months. 

 

 

THE SENIOR DEPUTY DIRECTOR 

EXCHANGE CONTROL DEPARTMENT 

STATE BANK OF PAKISTAN 

KARACHI

Dear Sir, 

Please grant NOC/approve enclosed Form P/P-2 for my/our travel abroad for………………………………….and sanction me/us U.S. Dollar……………………….for expenses abroad for which     (Purpose) 

Form T-1 is enclosed. Last I/We travelled abroad on…………….. 

                                                                            Date 

and return on………………… 

                    Date 

                                             Yours faithfully, 

                                   (………………………….) 

                                                  (Name) 

                                   Address…………………….. ………………………….. 

 

(For official use only) 

P/P2 form NOC for………………Adults……………… 

Minor for……………….Sector……………………. 

for Rs………………..on…………………………. 

Airline/Shipping Company be issued within T/T-1 for 

$………………………………. 

A.E.C.O.                           E.C.O. 

 

 

 

FORM  P-2 

(to be submitted in duplicate)

Application to book passage for a destination outside Pakistan 

against paid travel advices/tickets paid for abroad or 100% 

Rebated Tickets

     1. (a) Full Name and address of 

            the applicant.                            …………………………… 

        (b) Full Name/s of the 

            passenger/s.                             …………………………… 

     2. Nationality of the passenger/s 

        Passport number/s and date/s 

        of issue.                                       ……………………………. 

     3. G.I.R. No. and Income Tax Circle 

        in case the applicant is income 

        tax payer in Pakistan. If not 

        write `Nil'.                                    …………………………… 

     4. Full name, address, nationality 

        and occupation of the person who    …………………………… 

        has made payment for the ticket 

        outside Pakistan. Enclose PIA          …………………………… 

        ticket received from abroad. In 

        case of 100% rebated ticket           …………………………… 

        certificate from the Airline 

        concerned should be enclosed         …………………………… 

        indicating grant of 100% rebated 

        passage facility under IATA             …………………………… 

        Regulations. 

     5. Purpose of visit for which passage 

        is desired to be booked.                  …………………………… 

     6. Consideration for which payment 

        has been made by the present at     …………………………… 

        4 above or the consideration for 

        which 100% rebated passage has     …………………………… 

        been granted by the Airline. 

     7. Exact relationship of the applicant 

        with the payer.                             …………………………… 

                                                           (Signature of the applicant) 

          (Valid for three months from the date of approval) 

 

M/s……………………………………………………..are hereby authorised to book passage for Mr./Mrs./Miss……………to………………………..against 100% rebated ticket/tickets for abroad as mentioned above. No payment is to be accepted in Pakistan Rupees. 

Approval No………………… 

Dated……………………… 

 

 

P. Senior Deputy Director

FORM 

Offering Sheet

1. Name of the party……………………………………… 

     2. Limit sanctioned………………….Margin……………… 

     3. Facility applied for : 

                                           Amount      Previous Outstanding 

          (i)   Letter of Credit        …….        …………………….. 

          (ii)  Forward Exchange    …….         ……………………. 

          (iii) Foreign Bills 

                Purchased              …….        …………………….. 

          (iv)  Guarantees            …….        …………………….. 

          (v)   Trust Receipts        …….        …………………….. 

          (vi)  Clean Packing 

                Credits                   …….        …………………….. 

          (vii) Advance against 

                imported goods        …….        …………………….. 

     4. Goods…………………………………………………………… 

     5. Import Licence………………………………………………… 

     6. Margin already at credit……………………………………… 

     7. Margin to be obtained………………………………………… 

     8. Guaranteed by………………………………………………… 

     9. Balances in Current Account………………………………… 

     10. Average Balance…………………………………………….. 

     11. Net worth……………………………………………………. 

     12. Customs Duty……………………………………………….. 

     13. Country of Export………………………………………….. 

     14. Bills Outstanding……………………………………………. 

     15. Other conditions……………………………………………. 

                                                       Sanctioned 

     ………….198           Manager 

          (Place) 

  FORM 

The Manager

          ………………………Bank Ltd. 

 

Our Credit No…………………………… 

 

Air Mailed/Cabled………………………..         STAMP 

Date…………………………………… 

 

 

Application and Agreement for Irrevocable Letter of Credit

We/I hereby request you to open by air mail/cable on our behalf an irrevocable credit as follows : 

You will instruct your correspondent at………….to negotiate the drafts of (State Name of the Beneficiaries and full address)…………………………………………………………………………………………………………………. 

                                                                                                                      without recourse 

…………………………………………………………………………………………………………………………….to 

                                                                                                                          with recourse 

there to the extent of (State amount of Credit)…………………..draft to be drawn on…………………………………………..(State terms of Drafts)……………….at……………..sight forbe (State nature of goods to be imported also quantity, if necessary) From (State Name of Port)……………………to……………….part shipment allowed/not allowed. Transhipment allowed/not allowed Drafts negotiated under this credit are to be accompanied by shipping documents satisfactory to your said correspondent and are to include beneficiary's signed invoices in quadruplicate certifying merchandise to be of (Country of Origin)…………origin. Invoices are to include the amount of freight prepaid and may include demurrage and/or warehousing charges. On board ocean Bills of Landing showing “freight prepaid” and shipment by (steamer or Post Parcel)…………….made out to the order of or “order” and endorsed in favour of………….. Bank Limited. Through Railway Bills of Landing are unacceptable. 

Insurance has been covered by us through…………………….Bills of Landing must be dated not later than…………………….Bills of Exchange must be dated and negotiated not latter than…………………………. 

You will engage with the drawers, endorsers, and bona fide holders or drafts drawn and in compliance with the terms of his Credit that such drafts will be duly honoured on delivery of documents as specified if presented before expiry date. 

This application shall be deemed to have been accepted and this Credit deemed to have been issued when written advice thereof has been delivered to the beneficiary. 

Additional conditions……………………………………………………………………………………………………….. 

……………………………………………………………………………………………………………………………….. 

We confirm that except so far as otherwise expressly stated our Letters of Credit application therein is subject to the Uniform Customs and Practice for Commercial Documentary Credits fixed by the Thirteenth Congress of the International Chamber of Commerce. 

In consideration of your opening your irrevocable Credit, in the above terms and conditions the undersigned unconditionally agree as per conditions overleaf. 

CONDITIONS

1. To accept or pay upon presentation all drafts drawn pursuant thereto. 

2. Notwithstanding anything contained in this agreement you may on payment debit our account with all sums paid in connection with this Credit, the documents, or the goods including Commission, interest and Charges or with the whole or part of the amount of the Credits at any times if you think fit and on demand we will place you in funds to meet such debits. In the case of Credits in currencies other than Rupees you may at any time or times as you may think fit, pass any such debits in the currency of the Credit and/or in Sterling and/or in Rupees at your date(s) of exchange unless otherwise arranged. Without effecting your rights as before mentioned, we agree duly to accept and pay at maturity any Bills drawn upon us under this Credit or to provide you with funds to meet any Acceptances given by you under this Credit three days before due date or earlier if required. We will place you in funds in the currency are given, or at your option in Rupees at your selling rate of exchange for the 

currency. In the event of any default, you may sell the documents, or goods before or after arrival and any deficit we will pay you on demand as aforesaid and we will indemnify you against all claims, demands, costs, charges, and expenses incurred in connection with this Credit. 

3. To pay on demand your commission which shall be determined by the Bank from time to time, on the full amount of the Credit. 

4. Until the payment of every indebtedness and liability absolute or contingent which now is or hereafter may become due and owing by the undersigned to you on any transactions now or hereafter had with you, including transactions under other Letters of Credit, the undersigned agree that title and ownership of all goods shipped under or in connection with the said Credit or in any way relating thereto whether or not released to the undersigned against trust or bailee receipt and/or of the proceeds of such goods and of all Bills of Landing, policies or certificates of insurance or other documents given therefor, shall be and remain with you, and the undersigned hereby give you full power and authority at your direction, by yourselves or through agents at any time, to have and take possession thereof and all policies, or certificates of insurance thereon, and proceeds of such policies and certificates, and to hold and/or collect the same or under the terms expressed below, to dispose thereof at any time and irrespective of the maturity of the drafts or acceptance under the said Credit. 

5. In the absence of written instructions given by the undersigned expressly, to the contrary, the undersigned authorize you and your correspondents to receive and accept as “Bills of Lading” under the said credit, any documents issued by or on behalf of any carrier including lighterage receipt, which acknowledges receipts of goods for transportation, whether the specific provisions of such documents and the date of each such documents to be regarded as the date of Bills of Landing and/or of shipment within the terms of said Credit and the undersigned authorise you or your correspondents to accept as sufficiently evidencing “Insurance” under the said Credit either policies or certificates of such insurance. 

6. The undersigned assume all risks of acts of any person using the said Credit who are hereby accepted as the agent of the undersigned, together with all responsibility for the character, kind, quality, quantity, delivery or existence of the merchandise purporting to be represented by any document and/or for any difference of character, quality, or quantity of merchandise shipped under this Credit from that expressed in any invoice accompanying any of said draft and/or for the validity, genuineness sufficiency from or correctness of any documents, even if such documents should, in fact, prove to be in any or all respect incorrect, defective, irregular, fraudulent, or forged, and/or for the time, place, manner or order on which shipment is made and/or for partial or incomplete shipment and/or the failure or omission to ship any or all of the merchandise, referred to in the Credit and/or for the character, adequacy, validity or genuineness of any insurance, or policy or certificate of Insurance or the solvency of responsibility of any Insurer or any other risk connected with insurance and/or for any delay, default, fraud, or deviation from instructions of the shipper or any one else in connection with said merchandise or the shipping or other documents, with respect thereto and/or for delay in arrival or failure to arrive either of the merchandise or of any of the said documents and/or for any breach of contract between the shippers or vendors and the undersigned hereby agree not to claim from you damages or hold you in any manner responsible for any delay, oversight or mistake or negligence on your part or on the part of you or sub-agents in issuing the Credit or in complying with any instructions of the undersigned or otherwise in relation to the application to the said credit and the undersigned will hold you harm …. less from all loss or damage in respect of any such matters and from any and all damage and loss, whatsoever suffered by you by reason of any and all action taken by you or your correspondent in good faith in furtherance of our above request due to errors, omissions, interpretations or delays in transmission or delivery of any and all messages, by mail, cable telegraph or wireless whether or not the same, be in cypher. 

7. The undersigned agree to be caused to procure promptly the necessary import and export or other licences for the said merchandise and will keep them adequately covered by the policies of fire, marine and war-risk insurance in companies satisfactory to you, assigning the policies or certificate of insurance to you or making the loss adjustment, if any, payable to you, at your option. 

8. And the undersigned agree to give you on demand any further or other security you may require, and further agree that any and all other funds, credit instruments, property and securities and proceeds thereof including also all collection items and proceeds thereof now or hereafter handed to you or for any purpose left in your possession by the undersigned or for their account, or at their disposal, for transit to or from you by mail or carrier, for any of the said purposes, are hereby made security for this obligation, and also for any and all other obligations, and/or liabilities absolute or contingent due or not due, which are or may at any time be owing by the undersigned to you and may be held or disposed of as you may see fit, and applied, towards payment of any and all such obligations and liabilities, all of which in the event of default by the undersigned in any part thereof or bankruptcy, insolvency, receivership or general assignment of the undersigned, shall subject to your option forthwith become due and payable and the undersigned, hereby authorize you if any obligation covered by this instrument or any other indebtedness due from the undersigned to you shall not be punctually met forthwith without further demand or notice or advertisement of any kinds, all of which are hereby expressly waived to sell or otherwise dispose of the whole or any part of the said funds, credits, instruments, property and securities, arrived and/or to arrive at any broker's exchange or by public or private sale or otherwise, at your option, with permission to yourselves to recover from the purchases in whole or in part without accountability save for the purchase price and free from any right of redemption, which is hereby waived and released; and to apply the net proceeds thereof against any and all obligations or liabilities of the undersigned to you, however, arising. 

9. The receipt by you at any time of other collateral of whatsoever nature, shall not be deemed a waiver of any of your rights, powers relating to any collateral which you may held at the time of receipt. 

10. This obligation is to continue in force notwithstanding any change in membership or any partnerships of the undersigned or whether arising from the death or retirement of one or more partners or the accession of one or more new partners. 

11. This Letter of Credit can be revoked or altered only with the consent of all parties interested. 

12. That whenever shipments are made to Ports other than Karachi, we shall retire the bills on demand of payment. 

13. The documents accepted in connection with this Credit may be those which are generally acceptable in accordance with the laws, customs and usages at the place of negotiation. 

14. This will also constitute an agreement between the undersigned and your correspondent whom you may employ (as you are at liberty to do) for the purpose and in connection with the Credit agreement. 

15. I/We authorise you to debit my/our account with all your charges on account of this Credit, including amendments, extension of this Credit, as well as charge levied by your overseas correspondents of Agents. 

16. We forward herewith our cheque for Rs………….

Please debit my/our a/c with all commissions and expenses.

     % margin                 Rs…………………..

     Commission              Rs…………………..

     Postage                  Rs…………………..

     Cable charges          Rs…………………..

 

                                   …………………….

                                   Signature (Openers)

We guarantee due compliance with the terms of the above credit agreement to the bank issuing, drafts thereunder and to hold the said banks harmless from all loss or damage in respect of any matters and from any/all damage or loss or whatsoever suffered by the said banks by reason of any action taken under the above Credit agreement.

                                    Signature (Guarantors)

Note ::-In any special document (over and above what is usually termed shipping documents) are required such as health inspection or analysis certificate or any special or unusual kind or class of insurance, such documents should always be specially mentioned and included in the application.

     Liability Rs……………………………………

 FORM 

                                                                                                                  STAMP

Application for confirmed, Irrevocable and without Recourse

Letter of Credit under A.I.D. Arrangements

Address……………….        Date………………19…… 

To, 

                                        ……………BANK LTD.

Dear Sirs, 

      I/We request you to open by Airmail/Cable through…………..a Confirmed, Irrevocable and without Resource to Drawers Letter of Credit for my/our account and risk in terms of A.I.D. Purchase Authority Number……………and under Sub-Authorisation No………………………in my/our name in favour of Messrs………………………………………….. of………………………………………..available to aggregate sum of…………………………………………….. (Say…………………………………by their drafts to be drawn on me/us at sight for invoice cost of shipment purporting to be………………………….From……………………………..to…………………………………………….Partial shipment is allowed/not allowed.

Transhipment is allowed/not allowed.

2. Drafts to be accompanied by the following shipping documents unless otherwise specified ::-

(a) Signed beneficiary's invoice in quadruplicate certifying merchandise to be of………………….Origin. Invoices are to include the amount of freight prepaid. Three copies of the Invoices to be sent with the original documents by Airmail and the remaining copy to follow with the duplicates by Sea Mail.

(b) “On Board” negotiable Clean Ocean Bills of Landing “Freight Prepaid” and shipment by Steamer/M.V. bearing flag of……..made out to the order of…………………………………………….

                                                (Name of designated Bank) 

         or “To Order” and endorsed to…………………………..

         Bills of Landing are to mention ::-

                         (Name of designated Bank)

Notify :  (i)……………….

            (ii)………………

(c) The Insurance is covered by me/us.

(d)  Beneficiary's certificate that correct goods have been supplied, and that at the time of loading one copy (or photostat copy) Ocean Bills of Landing (or Parcel Receipts where shipment by Post Parcel is permitted) and (ii) Supplier's Invoice have been sent to the Controller, U.S.O.M. American Embassy, Karachi, and that the A.I.D. marking requirements as specified in Section 201.12 of A.I.D. Regulation I as revised in July, 1955 have been complied with.

(e) Any other documents required by A.I.D. Washington, under the relative Purchase Authority to be called for by the designated U.S.A. Bank in addition to the documents mentioned above.

3. (a) Bill of Landing should be dated not later than……………………………………………………………

(b) Bill of Exchange should be dated and negotiated not later than………………………………………….

4. Drafts should be enfaced as required by the designated Pakistan Bank and should bear the clause “Payable at the rate of exchange specified by the State Bank of Pakistan.”

5. The above documents are to be surrendered to me/us against payment.

6. All Bank charges are for my/our account.

7. I/We confirm that the agents used by…………………….for this purpose will be deemed as my/our agents.

                                            (Name of designated Bank) 

8. I/We also confirm that the rules, regulations and directions as issued and/or laid down by the A.I.D. the State Bank of Pakistan, the Chief Controller of Imports and Exports, Government of Pakistan and applicable to such imports under the A.I.D. Programme have been and will be duly complied with by me/us.

9. The import of these goods is permitted under the Purchase Authority Sub-Authorisation Numbers referred to above which should be indicated in all documents.

The…………………………..and…………………………..

(Designated Pakistan Bank)

                                   (Designated United States Bank)

are mentioned as designated Banks in the Sub-Authorisation.

     10. (a) U.S. Public Law Serial No……………………….

          (b) Contracting Period.   From………………………

                ……….ending…………………………………..

         (c) Delivery Period.      From………………………..

             …………..ending…………………………………

         (d) (i)  Amounts Sub-Authorisation U.S. dollars…………..

             (ii) Rupee equivalent………………………………

         (e) Basis of delivery (F.O.B./F.A.S./C. and F.)

         (f) Special instructions, if any.

11. In consideration of the opening of the above Credit, I/We hereby undertake to accept and pay in due course all drafts drawn within the terms thereof and/or to take up and pay for all documents negotiated thereunder, on presentation.

The transmissions under the above Credit and the forwarding of documents are entirely at my/our risk. You are not to incur any liability beyond seeing that the drafts and documents purport to comply with the terms and conditions of this credit.

                                             Yours faithfully,

N.B.:-All alterations and additions to this application are to be initialled by the applicant

FORM

Letter of Credit Advice

                                                         ………………..Bank Limited

To……………………………     Our Credit No……………..

     …………………………      Place…………………….

     …………………………      Date……………………..

OUR CONFIRMED IRREVOCABLE LETTER OF 

CREDIT No………….(which please quote)

     This is in confirmation of our cable dated……………………………………………….

At the request of Messrs……………………………..we have opened an Irrevocable Credit without recourse, in favour of…………………………………………………………..available to the aggregate sum of……………………………….say………………………………………………………….at………………….sight for………………………..invoice cost of shipment purporting to be……………………………………………… from……………………..to……………….Partial Shipment……………………………………………..

Drafts are to be accompanied by the following shipping documents:

(a) Signed beneficiary's invoice in sextuplicate certifying merchandise to be of………………origin Invoices should show the amount of freight pre-paid. Five copies of the invoices to be sent with the original documents by Airmail and the remaining copy to follow with the duplicates by sea mail.

(b) “On Board” negotiable Ocean Bills of Landing showing “Freight prepaid,” and shipment by………………………………made out to the order of…………….Bank Ltd., or “To Order” and endorsed to……………Bank Ltd. All negotiable copies are required. Through Railway Bills of Landing are unacceptable. Bill of Lading must bear the mention ::-

Notify………………………………………….

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