Circulars/Notifications - Exchange Policy Department  
EPD Circular Letter No. 07 of 2012

September 28, 2012

The Chief Executives of all
Exchange Companies &
Exchange Companies of ‘B’ Category

Dear Sir/Madam,

SBP Inspection of Exchange Companies

Attention of Exchange Companies is invited to the provisions of Foreign Exchange Regulation Act 1947 and instructions contained in Regulation No. 32, FE Circular No. 9 of 2002 and Regulation No. 27, FE Circular No. 6 of 2004 in terms of which, State Bank of Pakistan (SBP) has the right to inspect the activities of Exchange Companies at any time it finds appropriate to ensure adherence to its rules and regulations. In this respect, the following is reiterated:

  1. Exchange Companies are required to fully cooperate with the SBP inspection team and provide full disclosure of information required during the course of inspection, including but not limited to their activities, accounts, operations, IT systems and records.
  2. No Exchange Company or any official of its entire network shall;
  3. a.       Obstruct or hinder the SBP inspection team that is carrying out duties or functions under SBP directives.

    b.       Provide false, misleading or inaccurate information to the SBP inspection team.

Deliberate obstruction of the SBP inspection team in the performance of their duties, by Exchange Company or officials of its network will result in punitive action against the Exchange Company and/or its officials. This may include, inter alia, suspension / revocation of the license of the Exchange Company, permanent disqualification of its Directors and Sponsors to conduct foreign exchange business in any capacity.

Please bring the contents of this Circular Letter to the knowledge of all your constituents for meticulous compliance.

Yours truly,


Additional Director

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