All Authorised Dealers, Exchange Companies
And Authorised Money Changers
In Foreign Exchange
Dear
Sirs,
Formation
of Exchange Company ‘B’ Category [E.C.(B)]
In
order to bring the existing Authorized Money Changers within
the realm of Exchange Companies and to ensure smooth transition
of their existing business, it has been decided that the
existing authorized Money Changers may be allowed to establish
Exchange Companies of ‘B’ Category [E.C (B)].
The procedure for establishing the E.C (B) is given below:
(a)
The applicants (Minimum 5 Licenced AMC’s) interested
in formation of Exchange Companies of ‘B’ Category
E.C (B) would, in the first instance, apply on prescribed
form to State Bank for obtaining an NOC which shall be
processed within 3 working days by the SBP.
(b) On receipt of the NOC from the SBP, the applicant
will submit an application to SECP for incorporation
under the Companies Ordinance.
(c)
After the Exchange Company of ‘B’ Category
is registered by SECP, the applicant would apply to SBP
for issuance of Licence against surrender of at least 5
MC Licences and for commencement of operations.
Scope
of business and rules & regulations which would
govern E.C (B) are given at Annexure-I. Application Form
for the Licensing of E.C (B) is also attached at Annexure-II.
Kindly bring the above to the notice of your constituents
and others concerned.
Annexure – I
Annexure – II