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Shipping companies and airlines can open rupee accounts

KARACHI (March 18 2003) : Shipping companies/airlines having offices in Pakistan or operating their ship/airlines in Pakistan are allowed to open and operate profit-bearing rupee accounts in Pakistan.

In a circular issued by State Bank of Pakistan on Monday, inviting attention of authorised dealers regarding rupee accounts of shipping companies/airlines operating in Pakistan, the SBP notified that shipping companies/airlines having offices in Pakistan or operating their ship/airlines in Pakistan can open and operate profit-bearing Pak rupee accounts in Pakistan with the condition that profit so earned would not be remittable but can be used for meeting local expenses.

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