order to further strengthen monitoring mechanism of transactions
made through Exchange Companies of ‘B’ Category,
it has been decided that henceforth Exchange Companies
of ‘B’ Category 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 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 of ‘B’ Category
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.