All
Authorised Dealers
in
Foreign Exchange
Attention
of all Authorised Dealers is invited to the promulgation
of Ordinance No. XXX of 2002 for the amendments in Foreign
Exchange Regulation Act, 1947 for establishment of Exchange
Companies, copy of which is enclosed as Annexure
I. The procedure for establishing the Exchange
Companies is given below:
(a)
The applicants interested in formation of Exchange Companies
would, in the first instance apply on prescribed form to
State Bank for obtaining a NOC. In case the NOC is denied,
the State Bank will give reasons for such refusal.
(b)
On the receipt of this NOC from the SBP, the applicant will
submit an application to SECP for incorporation under the
Companies Ordinance.
(c)
After the Exchange Company is registered by SECP, the applicant
would apply to SBP for issuance of licence for commencement
of operations.
In
this regard, rules & regulations, which would govern
the Exchange Companies, are given as Annexure
–II. Application Form for the licensing
of Exchange Companies is also attached as Annexure
–III.
Kindly
bring the above to the notice of your constituents and others
concerned.