Karachi: The State Bank of Pakistan (SBP) notified the procedure for repatriation of foreign assets held in the form of shares of companies incorporated in Pakistan under the Assets Declaration Rules 2019 on Thursday – a news source reported.
According to the circular issued by the central bank, SBP will allow the repatriation of such shares held by the declarant held on repatriable basis under clause 4(6) of the Asset Declaration Rules 2019.
SBP also issued the procedure for the conversion of these shares from repatriable basis to non-repatriable basis.
“The owner of shares (the person in whose name the shares are registered with SBP) will submit their application, duly forwarded by the respective company (the company whose shares are held by the non-resident on repatriable basis) through the AD (bank), to SBP for cancellation of registration of shares,” read the State Bank’s circular.
