1. We refer to different returns being submitted to OSED by full fledge Exchange Companies and Exchange Companies of ‘B’ Category. In order to enhance the efficiency and strengthen the reporting mechanism, we have re-assessed the reporting requirements, frequency of reports and their formats. The frequency of returns to be submitted w.e.f. July 16, 2014 shall be bimonthly, monthly and quarterly while all the returns are to be submitted through emails to OSED’s email: [email protected] till further orders. All returns / data as per attached formats (Annexure – A) should reach us within two working days of end of each reporting period.

2. In addition, reporting on the occurrence of following events is required to be ensured by 10:00 a.m. of next working day:

• Breach of Exposure Limit alongwith reasons.
• Event of Fraud, Dacoity, loss, F.I.R lodgment by / against the company or its associates i.e. the franchises, payment booths etc.
• Bankruptcy or default of foreign associates and the stake of the company at risk.
• Any investigation, raid or law enforcement action by FIA or any other agency against the EC or its associates, franchises etc.
• Closure of business location / outlet including franchises / payment booths due to any reason whether temporary or permanent.
• Reporting of non receipt of funds against export of FCYs or payment of Home Remittances within the stipulated time.
• Any other important information / data / event.

 

3. All the reports / returns and information as mentioned at paras (1) and (2) above shall include data / information of all outlets including franchises of ECs. Further, the Exchange Companies of ‘B’ Category shall also be required to submit the reports / returns and information as mentioned at paras (1) and (2) above, where applicable.

4. After switching to the new reporting regime, the existing returns / data being submitted by both categories of ECs to OSED and by Exchange Companies of ‘B’ Category to SBP BSC (Bank) Offices shall stand discontinued w.e.f. July 16, 2014.

Encl: (Annexure A)