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Issuance of duplicate three-year FEBC, FCBC allowed

KARACHI (October 31 2002) : The Federal Government has allowed the issuance of duplicate Foreign Exchange Bearer Certificates (FEBC) and Foreign Currency Bearer Certificates (FCBC), of three-year tenor, if these are stolen, destroyed, lost mutilated or burnt.

According to the Exchange & Debt Management Department circular No. 18 of the State Bank of Pakistan issued to all scheduled banks and non-banking financial institutions here on Wednesday, the Federal Government, vide its notification dated September 28, 2002, has omitted Rule 8 A of Foreign Exchange Bearer Certificates 1985 7 Rule 11 of three years' Foreign Currency Bearer Certificates Rules 1997.

The Rule 8 A (FEBC Rules `1985) said, “No claim of any nature will be entertained in case any certificate is lost, stolen, destroyed, mutilated or burnt”.

Rule 11 (three-year FCBC Rules 1997) said, “No claim of any nature whatsoever shall be entertained in respect of certificate lost, stolen, destroyed mutilated or burnt”.

After omission of the above Rules, the holders of Foreign Exchange Bearer Certificates and Foreign Currency bearer Certificates of three years tenor shall be able to lodge a claim for issuance of duplicate certificates in lieu of 'lost, stolen, destroyed mutilated or burnt' certificates as per procedure specified in Public Debt Act 1944 & Public debt Rules 1946.

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