KARACHI: State Bank of Pakistan (SBP) on Thursday revoked licenses of two foreign exchange companies.
The SBP said that the foreign exchange licenses of M/s. Capital Exchange Company-B (Pvt.) Ltd. and M/s. Gohar Exchange Company-B (Pvt.) Ltd. have been revoked.
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Accordingly, these companies are not authorized to carry out foreign exchange business.
It’s important to note that exchange companies in Pakistan are regulated by the State Bank of Pakistan and are required to comply with strict regulations to ensure the safety and security of their customers’ transactions. It’s recommended to choose a reputable and trusted exchange company when sending or receiving money in Pakistan.
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Recently, in order to enhance monitoring of data submitted by Exchange Companies and Exchange Companies of ‘B’ category, it has been decided to increase the frequency of transaction data reporting by them, with effect from December 19, 2022.
Accordingly, the relevant instructions in the following Para of Exchange Companies Manual stand replaced as under:
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Para 4, Chapter 7 of Exchange Companies Manual
“Exchange Companies shall also submit data according to their scope of business in CSV format at Data Acquisition Portal (DAP). The data will be submitted by Exchange Companies on daily basis by next working day. For transactions conducted on Saturday & Sunday, ECs will submit data on next working day i.e. Monday.
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“While submitting the data under this reporting system, Exchange Companies shall ensure daily matching of opening/closing balances of Summary Statements of head office and each branch/outlet. The Summary Statements and Descriptions are given at Annexure – 21.”
