In
order to further strengthen monitoring mechanism of transactions
made through Exchange Companies, it has been decided that
henceforth Exchange Companies will be required to take
prior approval of State Bank for all transactions of US
$ 50,000 or above (or equivalent in other foreign currencies)
on account of outward remittances or sale of foreign currencies
to the customers. However, this requirement will not be
applicable on sale of foreign currency to the banks/exchange
companies.
Accordingly, Exchange Companies are advised to forward
their related requests to this Department alongwith complete
details of the transaction including particulars of the
customer like name, address, CNIC, amount and purpose
of the transaction.
Failure to comply with the above instructions will attract
severe regulatory action under related rules & regulations.