All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

AUTHORISED MONEY CHANGERS

Attention of Authorized Dealers is invited to the last sentence of para (i) of the "Press Release" circulated vide F.E. Circular No. 142 dated the 6th October, 1991 in terms of which the Authorized Money Changers are required to make an application to the State Bank for renewal of the licenses two weeks before the expiry date of relative license. It has now been decided to extend the above time limit to seven days from the date of expiry of the license e.g. in case license expires on 31st July, application for renewal should be received in State Bank Office by 7th August. It should, however, be noted that in case application for renewal of the license is not made within the extended time limit mentioned above i.e. within 7 days from the expiry date of the license, the relative license shall be treated to have lapsed and the Authorized Money Changer concerned will be required to obtain fresh license on payment of the prescribed fee which at present is Rs.10,000.00.

2. In so far as the license which have expired on or before the date of issue of this circular are concerned, the requests for renewal can be made within 7 days from the date of issue of this circular and in the event of failure to do so the Money changers concerned will have to obtain fresh license on payment of prescribed fee.

3. Please bring the above to the notice of your constituents.