The Chief Executives of all

Exchange Companies &

Exchange Companies of ‘B’ Category

Dear Sirs / Madam,

Amendment in Exchange Companies Rules and Regulations

Attention of Exchange Companies of both categories is invited to instructions contained in FE Circular No. 04 dated 23rd July, 2013 in terms of which certain restrictions on sale/purchase and outward remittances were imposed.

It has been decided to partially modify the instructions issued under Para (b) and (c) of above referred Circular. Henceforth, all sale and outward transactions of USD 35,000 or above (or equivalent) shall be conducted by the exchange companies through Crossed Cheque/DD/PO issued from the personal account of the customer and instrument number and issuing bank’s name shall be mentioned on the transaction receipt alongwith CNIC/Identification Number of the customer. Furthermore, the requirement of obtaining National Tax Number (NTN) has been withdrawn.

All other terms and conditions on the subject shall remain unchanged.