| PRESS RELEASE
MONEY CHANGERS LICENCE FEE REDUCED The State Bank of Pakistan has decided to reduced the application processing fee for the grant of Authorised Money Changer's Licence from Rs. 50,000/- to Rs. 10,000/-.It has also been decided to reduced the licence renewal fee payable annually from Rs.10,000/- to Rs. 1,000/-. The requirement of net worth for an applicant whether a company , individual or partnership has been fixed at a uniform rate of Rs. 250,000/-. The requirement of production of wealth statement in proof of the net worth has been dispensed with and instead Bank certificate should be accepted. Previously for the grant of Authorised Money Changer's Licence to a company, the requirement was that the company's paid up capital should be Rs. one million whereas as in case of an individual or partnership firm the net worth requirement was not less than Rs. half a million as per wealth statement furnished to the Income Tax Department. Further, the State Bank may withdraw the licence granted to any Authorised Money Changer if it does not commence its activities within three month from the date of grant of the licence. Other condition for grant of Authorised Money Changer's licence issued on 1st October,1991 will remain the same |