Attention of the Exchange Companies (both A & B Category) is invited to FE Circular No. 1 dated 12th February, 2013 regarding above subject.

It has been decided to modify the instructions issued vide above circular. As per the new instructions, spread between buying/selling rates of US Dollar, Pound Sterling, Euro, Saudi Riyal and UAE Dirham shall not exceed one percent of their buying rate. For all other foreign currencies, exchange companies shall ensure to maintain a competitive spread.

Further, it must be ensured that prevailing exchange rates applicable on sale/purchase of major foreign currencies are displayed through notice/display board at a prominent place in each outlet of the exchange company.

Moreover, daily report being submitted to Exchange Policy Department as per Annexure-I of the above Circular may be discontinued.

In case of any violation of above instructions by an exchange company, appropriate regulatory action shall be taken against it under related rules and regulations.