Head Offices/Principal Offices of all
Authorised Dealers in Foreign Exchange
Dear
Sirs/Madam
Amendments
in Foreign Exchange Manual
Consequent upon the expiry of Authorised Money Changers
licences on June 30, 2004 and in continuation of FE Circular
Letter No. 01 dated February 12, 2004 and FE Circular No.
06 dated June 7, 2004, the following amendments have been
made in the Foreign Exchange Manual (Eighth Edition –
2002):
Chapter
I: The term “Authorised Money Changers” is deleted
from line 8, para 2.
Chapter
II: Para Nos. 5, 6 and 7 are deleted in entirety.
Chapter
XI: The term “Money Changers” is deleted from
the heading of para 1. Moreover, sub para (ii) of para 1
is amended to be read as under:
“Besides
Authorised Dealers, the State Bank has granted licences/authorisations
to resident Pakistani entities/companies to purchase and
sell foreign currency notes and coins. They are required
to follow the code of conduct prescribed for them from time
to time.”
Similarly,
the words “and Money Changers” are deleted from
the heading of para 3 as well as from line no. 2 of para
3.
Further,
line no. 6 of para 4 i.e. “Such … customers.”
stands deleted.
In
addition, the words “AMC” or “Authorised
Money Changer/s” stand deleted wherever appearing
in the Manual.
Please bring the above to the notice of your constituents
and others concerned