The Chief Executives of all
Exchange Companies &
Exchange Companies of ‘B’ Category
SBP Inspection of Exchange Companies
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:
- 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.
- No Exchange Company or any official of its entire network
Obstruct or hinder the
SBP inspection team that is carrying out duties or functions
under SBP directives.
Provide false, misleading or inaccurate information
to the SBP inspection team.
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.
bring the contents of this Circular Letter to the knowledge
of all your constituents for meticulous compliance.