1. Rates for
Authorised Dealers.
Section 4(2) of the Act lays down that, except with the general or
special permission of the State Bank, all transactions in foreign exchange shall be done
at rates authorised by the State Bank. For the purposes of this Section of the Act, U.S.
dollar rates as fixed by the State Bank and the rates for other currencies calculated in
accordance with the formulae approved by the State Bank and as published daily by the
Foreign Exchange Rates Committee in Karachi, are the rates authorised by the State Bank.
All foreign exchange transactions providing for conversion of Rupees into foreign
currencies or vice-versa shall be conducted by Authorised Dealers at these rates. Head
Offices of Authorised Dealers should make arrangements to ensure that daily rates
published by the Foreign Exchange Rates Committee are received on the same day by all
their branches authorised to deal in foreign exchange.
2. Currencies not quoted on Rates
Sheet.
The Foreign Exchange Rates Committee quotes rates for all major
currencies. If any transaction is in a currency which is not quoted on the daily rates
sheet published by the Rates Committee, the Authorised Dealer should contact the Rates
Committee for the rate of that specific currency and put through the transaction at the
rate advised by it.
