The Chief Executives,

All Exchange Companies

Dear Sirs/Madams,

Amendment in Instructions Related to Sale of Foreign Currencies to Individuals

1. Attention of Exchange Companies (ECs) is invited towards the instructions contained in Para 5, Chapter 7 of Regulatory Framework for Exchange Companies (RFEC).
2. In order to promote cashless economy, it has been decided that, henceforth, all FCY sale transactions to resident citizens of Pakistan for the purpose of deposit into FCY account will be executed through account-to-account transfer. The above referred Para of RFEC stands amended accordingly
3. ECs are advised to bring the above instructions in the knowledge of all concerned for compliance.