Attention of Exchange Companies and Exchange Companies of 'B' Category is invited to Para 2, Chapter 4 and Para 15, Chapter 8 of Exchange Companies Manual - 2017, in terms of which they are allowed to open, with the approval of the State Bank, different types of outlets (Branch, Franchise, Payment Booth, Currency Exchange Booth etc.) as per their permissible scope of business.
2. In order to ensure that all outlets of Exchange Companies and Exchange Companies of 'B' Category carry out business activities as per their terms of authorization and the public is also made aware of the same, the Exchange Companies and Exchange Companies of 'B' Category are advised to display signboards prominently at the entrance of their outlets, in line with the following guidelines:
- The signboards shall clearly state the name of the Exchange Company or Exchange Company of 'B' Category, as applicable.
- The signboards shall mention type of outlet i.e. Head Office, Branch, Franchise, Payment Booth, Currency Exchange Booth etc. as the case may be.
- In case of Franchise, the name of the Exchange Company and the Franchise shall be clearly mentioned on the signboard. The name of Exchange Company shall precede the name of Franchise. The font size used for inscribing the name of Exchange Company shall be greater than that of Franchise.
- The contents of the signboard must be in clear and bold words in English and Urdu.
- The name(s) of individuals, owners, money changers etc. shall not be displayed on signboards.
3. In addition to above, Exchange Companies and Exchange Companies of ‘B’ Category shall ensure that their respective outlets must display permissible scope of business at prominent place i.e. cash counter, waiting area etc. as per Annexure – A.
4. While the instructions given at Para 3 above shall be applicable with immediate effect, all Exchange Companies and Exchange Companies of ‘B’ Category shall ensure that signboards are displayed in accordance with the instructions given at Para 2 above latest by September 30, 2018.
5. All other terms and conditions shall remain unchanged.
6. Failure to comply with the above instructions shall attract regulatory action against the concerned Exchange Company / Exchange Company of ‘B’ Category under the relevant provisions of the Foreign Exchange Regulation Act, 1947.