Attention of Exchange Companies and Exchange Companies of ‘B’ Category is invited to Para 1 (i), Chapter 4 and Para 15 (i), Chapter 8 of Exchange Companies Manual regarding conduct of foreign exchange business only at approved premises.

1. Exchange Companies and Exchange Companies of ‘B’ category desirous of participating in CAA tender(s) for award / renewal of license of currency exchange booth(s) / branch(es) at any Pakistani airport(s) shall obtain in-principle approval from SBP before participating in each CAA tender.
   
   
2. Application(s) complete in all respects by Exchange Companies and Exchange Companies of ‘B’ category for obtaining in principle approval to participate in CAA tender(s) must reach Exchange Policy Department at least 7 working days prior to the last date of application submission in CAA tender(s).
   
   Exchange Companies
   
   
3. In principle approval for participation in CAA tender(s) shall be given by SBP to those Exchange Companies which have better compliance ratings, financial health, corporate governance etc. as mentioned in Para 3(iii) and (iv) of Chapter 4 of Exchange Companies Manual.
4. Application(s) of Exchange Companies for in-principle approval for participation in CAA tender(s) for opening of currency exchange booth(s) / branch(es) at airports shall be treated independent of their Annual Network Expansion Plan and may be submitted to the Director, Exchange Policy Department any time during the year as per CAA tender timelines.
   
   Exchange Companies of ‘B’ category
   
   
5. Exchange Companies of ‘B’ Category are not allowed to participate in CAA tender(s) for award of new license of currency exchange booth(s) / branch(es) as at present they are not allowed expansion of their branch network.
   
   
6. Exchange Companies of ‘B’ category holding valid CAA license of currency exchange booth(s) / branch(es) shall apply for permission to participate in fresh tenders at airports/locations where they already operate after expiry of CAA license subject to compliance as applicable to Exchange Companies with requirement of Para 3(iii) and (iv) of Chapter 4 of Exchange Companies Manual.

3. While submitting the application for participation in CAA tender, Exchange Companies and Exchange Companies of ‘B’ category shall deposit non-refundable fee of Rs. 50,000/- per outlet in RTGS Clearing account number 427516 of the State Bank and submit the payment receipt as evidence of having paid the applicable fee.
   
   
4. All other terms and conditions shall remain unchanged.
   
   
5. Failure to comply with the above instructions shall attract regulatory action against the concerned Exchange Company / Exchange Company of ‘B’ Category under the relevant provisions of the Foreign Exchange Regulation Act, 1947.