In order to further strengthen monitoring mechanism of transactions made through Exchange Companies of ‘B’ Category, it has been decided that henceforth Exchange Companies of ‘B’ Category will be required to take prior approval of State Bank for all transactions of US $ 50,000 or above (or equivalent in other foreign currencies) on account of sale of foreign currencies to the customers. However, this requirement will not be applicable on sale of foreign currency to the banks/exchange companies.
Accordingly, Exchange Companies of ‘B’ Category are advised to forward their related requests to this Department alongwith complete details of the transaction including particulars of the customer like name, address, CNIC, amount and purpose of the transaction.
Failure to comply with the above instructions will attract severe regulatory action under related rules & regulations.