Regulatory Alerts2026-03-24 | EPD Circular Letter No. 05 of 2026Added · Updated
Instructions regarding Foreign Currency Accounts and Non-resident Rupee Accounts
The scope of Foreign Currency Value Accounts, Non-Resident Pakistani Rupee Value Accounts, Foreign Currency Business Value Accounts, and Non-Resident Rupee Business Value Accounts is broadened to include all natural or juridical persons defined as non-residents under the Income Tax Ordinance, 2001. Authorized Dealers must amend Paragraphs 8A and 8B of Chapter 6, and Paragraphs 8 and 8A of Chapter 8 of the Foreign Exchange Manual to reflect these eligibility changes. Authorized Dealers are required to ensure compliance with all applicable rules, including SBP’s AML/CFT/CPF regulations, and notify constituents of these updates.
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EPD Circular Letter No. 05
Instructions regarding Foreign Currency Accounts and Non-resident Rupee Accounts
March 24, 2026
43562
The Presidents/ Chief Executives of All Authorized Dealers (ADs) in Foreign Exchange
Dear Sir / Madam,
Instructions regarding Foreign Currency Accounts and Non-resident Rupee Accounts
Attention of Authorized Dealers (ADs) is invited to Chapter 6 and Chapter 8 of the Foreign Exchange Manual, which, inter-alia, provide regulatory instructions for opening and maintenance of Foreign Currency Accounts and Non-resident Rupee Accounts, respectively.
In order to facilitate foreign investment in Pakistan, it has been decided to broaden the scope of Foreign Currency Value Account (FCVA), Non-Resident Pakistani Rupee Value Account (NRVA), Foreign Currency Business Value Account (FCBVA) and Non-Resident Rupee Business Value Account (NRBVA). Henceforth, all persons either natural or juridical who fall within the definition of non-resident persons under the Income Tax Ordinance, 2001 (XLIX of 2001), shall be eligible to open, operate and maintain the above-mentioned accounts with Authorized Dealers in Pakistan. Accordingly, the relevant paras in Chapter 6 and Chapter 8 of the FE Manual are amended as per attached Annexure-A and Annexure-B, respectively. Further, ADs shall comply with all other applicable rules and regulations including SBP’s AML/CFT/CPF regulations. ADs are advised to bring the above instructions to the notice of all their constituents for meticulous compliance.
Enclosed:
Annexure-A - Revised Paras 8A and 8B of Chapter 6 of FE Manual
Annexure-B - Revised Paras 8 and 8A of Chapter 8 of FE Manual
Yours sincerely,
Tanzeel Malik Senior Joint Director
Home — Circulars — EPD Circular Letter No. 05
Instructions regarding Foreign Currency Accounts and Non-resident Rupee Accounts
March 24, 2026