All Authorised Dealers
in Foreign Exchange

Attention of all Authorised Dealers is invited to the promulgation of Ordinance No. XXX of 2002 for the amendments in Foreign Exchange Regulation Act, 1947 for establishment of Exchange Companies, copy of which is enclosed as Annexure I. The procedure for establishing the Exchange Companies is given below:

(a) The applicants interested in formation of Exchange Companies would, in the first instance apply on prescribed form to State Bank for obtaining a NOC. In case the NOC is denied, the State Bank will give reasons for such refusal.

(b) On the receipt of this NOC from the SBP, the applicant will submit an application to SECP for incorporation under the Companies Ordinance.

(c) After the Exchange Company is registered by SECP, the applicant would apply to SBP for issuance of licence for commencement of operations.

In this regard, rules & regulations, which would govern the Exchange Companies, are given as Annexure –II. Application Form for the licensing of Exchange Companies is also attached as Annexure –III.

Kindly bring the above to the notice of your constituents and others concerned.