EPD Circular Letter No. 17 of 2019
The Chief Executive of All
Exchange Companies and
Exchange Companies of ‘B’ Category,
Amendments in Instructions for Exchange Companies
Attention of Exchange Companies and Exchange Companies of ‘B’ Category is invited to instructions contained in Para 3 Chapter 2, Para 5 Chapter 4 and Para 6 (ii) & Para 15 (i) Chapter 8 of Exchange Companies Manual - 2018.
2. In order to bring clarity in instructions related to license renewal time period and documents required for relocations of outlets, it has been decided to amend/change the applicable regulations. Accordingly, the related instructions in the following Paras of Exchange Companies Manual 2018 stand replaced as under:
3. All other terms and conditions on the subject shall remain unchanged.
- Para 3, Chapter 2 of Exchange Companies Manual 2018
“License of Exchange Companies shall be renewed upto five years from the date of expiry of the license.”
- Para 6 (ii), Chapter 8 of Exchange Companies Manual 2018
“Licenses of Exchange Company of ‘B’ Category shall be renewed upto three years from the date of expiry of the license.”
- Para 5, Chapter 4 of Exchange Companies Manual 2018
“However, before commencement of operations at the new location, prior approval of the State Bank shall be required for which the company shall submit the related documents as mentioned in
Annexure – 4A.”
- Para 15 (i), Chapter 8 of Exchange Companies Manual 2018
“The premises should preferably be located at an easily accessible location and shall be relocated only after obtaining prior approval from the State Bank and submitting the related documents as mentioned in Annexure – 4A.
(Arshad Mehmood Bhatti)
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