Special Convertible Rupee Account

JS Bank offers Special Convertible Rupee Account to cater to the needs of non-resident investors, who wish to trade freely in the shares quoted on the Stock Exchange of Pakistan (Secondary Market).

The Operation of SCRA accounts is up to an extent of remittances received from abroad or by transfer from a Foreign Currency Account maintained by non-resident investors in Pakistan. The balance available therein can be used for purchase of any shares quoted on the Stock Exchange of Pakistan (Secondary Market). The disinvestment proceeds against sale of previously purchased shares through SCRA can be credited in this account. The SCRA accounts can also be credited with dividend income against the shares held by non-resident investors.

The funds available in such accounts can be transferred outside Pakistan or credited to a foreign currency account of non-resident investor maintained in Pakistan at any time without prior approvals of SBP.

Accordingly, the movement of shares i.e. purchases & sales through SCRA are done through CDC Sub Account of non-resident investor open with Participant.

However, prior to avail the services, the non-resident investors should comply with the following requirement to open their SCRA & CDC Sub Account with JS Bank.

Requirement for Company/Firm Accounts

  • JS Bank account opening form duly completed and signed by the authorized signatories along with company seal/rubber stamp.
  • Specimen signatures of the authorized signatories on the Signature cards duly verified by the company secretary.
  • CDC sub-account opening form duly completed and signed by the authorized signatories.
  • Standing instructions on company’s letterhead for debiting and crediting of SCRA against purchase and sales of shares (as per the formats provided with the set of account opening documents).
  • Certified true copies of valid passport of all the directors and authorized signatories. In case of Pakistani Passport, please provide copy of NICOP and if the directors and authorized signatories are holding foreign passport should be notarized in the country of residence.
  • Board Resolution duly certified by Company secretary for opening of SCRA, CDC Sub-Accounts.
  • Power of Attorney duly notarized & attested /consularized by Pakistan Embassy in customer’s resident country
  • Fax indemnity duly notarized & attested /consularized by Pakistan Embassy in customer’s resident country.
  • Copy of list of directors issued from the Registrar of Companies duly certified by the company secretary.
  • Certified copy of Certificate of Incorporation issued by the relevant authorities of resident country of the company.
  • Memorandum and Article of Association/by laws/charter/regulations duly certified by the company secretary.
  • Certificate for Commencement of Business (if applicable)
    • In case certificate for Commencement of Business not required as per the local laws of the resident country of the company; a certificate from the company secretary duly authorized by the Board, that the entity started its business from certain date, including confirmation that the certificate for Commencement of Business is not issued/required as per the local laws of the resident country of the company.
  • Complete KYC details of Company with detailed profile of beneficial owner(s)
  • FATCA Requirement
    • Form W-8BEN-E – Certificate of Status of Beneficial Owner for United States Tax Withholding and reporting (Entities)
    • Form W-8BEN – Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals) i.e. Directors of the company
    • Form W-9 – (Request for Taxpayer Identification Number and Certification) should be submitted, in case the resident status of the company or Individual (Director) is established as US National.

Note: The Board Resolution, Power of Attorney, FAX indemnity, List of Directors along with constitutive documents (Certificate of Incorporation, Memorandum and Article of Association, Certificate of Commencement of Business) duly notarized and consularized by the Consul General of Pakistan having jurisdiction over the applicant should be submitted.

Requirement for Individual/Joint Accounts

  • S Bank account opening form duly completed and signed by applicant in Section “A”. Name and Address of next of kin must be filled and signed in relevant section of account opening form.
  • In case of joint account, section “B” of account opening form duly filled with proper instructions for account operations i.e. either or both along with the signatures.
  • Power of Attorney duly notarized & attested /consularized by Pakistan Embassy in customer’s resident country – (If required)
  • Fax indemnity duly notarized & attested /consularized by Pakistan Embassy in customer’s resident country.
  • Standing instructions for debiting and crediting of SCRA against purchase and sales of shares on behalf of customer.
  • Certified (Notarized) true copies of valid passport / NICOP. In case of diplomat, copy of Diplomatic ID
  • CDC sub-account opening form duly completed and signed.
  • Broker account opening form duly completed and signed.
  • FATCA Requirement
    • Form W-8BEN – Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)
    • Form W-9 – (Request for Taxpayer Identification Number and Certification) should be submitted, in case the resident status of Individual is established as US National.

Note: Power of Attorney, FAX indemnity duly notarized and consularized by the Consul General of Pakistan having jurisdiction over the applicant should be submitted.

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CONTACT DETAILS TO APPLY FOR SPECIAL CONVERTIBLE RUPEE ACCOUNT

Contact Person: MUJTABA BARAKZAI
Contact Numbers: +92-333-3588936 +92-21-35166601-Ext 212
Email:MUJTABA.BARAKZAI@JSBL.COM

Contact Person: SHEIKH ABDUL BASIT
Contact Numbers: +92-332-3392641 +92 2135166601-Ext 211
Email:Sheikh.basit@jsbl.com