Circulars/Notifications - Exchange Policy Department  
 FE Circular No. 12 of 2018

November 20, 2018

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

Dear Sirs/Madam,

Handling of Currency Notes

As you are aware that State Bank of Pakistan promotes availability of authentic and good quality currency notes to the general public through its comprehensive currency management strategy for Banks.

2. In order to ensure that Exchange Companies & Exchange Companies of ‘B’ Category also promote the above culture, they are advised to follow the following instructions for Pak Rupees notes as well as foreign currency notes:

i. Currency notes of any denomination shall not be stapled.
ii. Only authentic currency notes shall be exchanged.
iii. Demonetized currency notes shall not be sold.

3. Exchange Companies & Exchange Companies of ‘B’ Category shall also develop detailed Standard Operating Procedures taking into consideration the above instructions, get the same approved by their Chief Executive Officer and implement them throughout their network.

4. It may carefully be noted that failure to comply with the above instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.

5. Exchange Companies & Exchange Companies of ‘B’ Category are advised to bring the contents of this circular to the notice of their constituents and ensure its meticulous compliance.



Yours truly,

(Arshad Mehmood Bhatti)

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