As you
are aware that State Bank of Pakistan
promotes availability of authentic and
good quality currency notes to the general
public through its comprehensive currency
management strategy for Banks.
2. In order to ensure
that Exchange Companies & Exchange
Companies of ‘B’ Category
also promote the above culture, they
are advised to follow the following
instructions for Pak Rupees notes as
well as foreign currency notes:
i. Currency notes of
any denomination shall not be stapled.
ii. Only authentic currency notes shall
be exchanged.
iii. Demonetized currency notes shall
not be sold.
3. Exchange Companies & Exchange
Companies of ‘B’ Category
shall also develop detailed Standard
Operating Procedures taking into consideration
the above instructions, get the same
approved by their Chief Executive Officer
and implement them throughout their
network.
4. It may carefully be noted that failure
to comply with the above instructions
shall attract regulatory action under
the relevant provisions of the Foreign
Exchange Regulation Act, 1947.
5. Exchange Companies
& Exchange Companies of ‘B’
Category are advised to bring the contents
of this circular to the notice of their
constituents and ensure its meticulous
compliance.
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