Attention
of the Authorised Dealers / Authorised Money Changers
is invited to the Foreign Exchange Manual as amended from
time to time trough F.E. Circulars, in terms of which
Authorised Money Changers have been allowed to undertake
purchase of foreign currency notes / coins / travellers
cheques from the sale of foreign currency notes / coins
to the public under licences issued to them by State Bank
of Pakistan under the Foreign Exchange Regulation Act,
1947. In exercise of the powers conferred on the State
Bank of Pakistan under the Foreign Exchange Regulation
Act, 1947 all the licences issued to the Authorised Money
Changers are suspended effective from the close of business
on 28th May, 1998 till further orders.
2.
The foreign currency notes / coins / travellers cheques
held by the Authorised Money Changers as at the close
f business on the 28th May, 1998 will be surrendered to
an Authorised Dealer on the 30th May, 1998 at the exchange
rate (buying) quoted by the concerned Authorised Dealer
on the 30th May, 1998. The details of the balances so
surrendered will be advised by the Money Changers to the
Additional Director, Policy Division, Foreign Exchange
Department, State Bank of Pakistan, Central Directorate,
Karachi by the close of business on the 30th May, 1998.