Mar 30
Money & Banking
SBP revokes licenses of two foreign exchange companies
KARACHI: State Bank of Pakistan (SBP) on Thursday revoked licenses of two foreign exchange companies.
State Bank of Pakistan State Bank of Pakistan 
Jan 24
Money & Banking
State Bank suspends exchange companies for refusing sales of foreign currencies
KARACHI: State Bank of Pakistan (SBP) has suspended outlets of many exchange companies for refusing sale of foreign currencies.
Dec 9
Money & Banking, Top stories
SBP tightens transaction data reporting for exchange companies
KARACHI: State Bank of Pakistan (SBP) has tightened transaction data reporting for exchange companies. The central bank of Friday issued a notification in this regard. According to the circular, the SBP invited attention of all Exchange Companies and Exchange Companies of ‘B’ category towards the instructions contained in Para 4, Chapter 7 of Exchange Companies […]
State Bank of Pakistan Nov 18
Money & Banking, National
SBP suspends two exchange companies namely Orient and Best Way in latest action
KARACHI: State Bank of Pakistan (SBP) on Friday suspended authorization of two exchange companies for serious violation of regulatory environment. The central bank suspended the authorization of M/s Orient Exchange Company-B (Pvt) Limited and M/s Best Way Exchange Company-B (Pvt) Limited. READ MORE: Poll suggests SBP to keep benchmark policy rate unchanged at 15pc The […]
State Bank of Pakistan Nov 8
Money & Banking, National, Top stories
SBP, FIA jointly take action against illegal exchange companies
KARACHI: State Bank of Pakistan (SBP) and Federal Investigation Agency (FIA) have decided to jointly take action against illegal exchange companies. A statement issued on Tuesday stated that a high-level meeting was held between the SBP governor and the Director General, FIA on November 8, 2022. READ MORE: US Dollar falls by 26 paisas to […]
Oct 30
Money & Banking, Top stories
Dar advises forex companies to ensure appropriate exchange rate
ISLAMABAD: Finance Minister Ishaq Dar has advised foreign exchange companies to ensure appropriate exchange rate for the betterment of the country. Federal Minister Senator Mohammad Ishaq Dar held a meeting with heads of all the major Forex Exchange Companies of Pakistan at state Bank of Pakistan (SBP). READ MORE: Meezan Bank donates Rs35 mn to […]
State Bank of Pakistan Sep 30
Money & Banking, Top stories
SBP bars foreign currency transaction without CCTV system
KARACHI: State Bank of Pakistan (SBP) on Friday made it mandatory for exchange companies to make foreign currency transactions in the presence of functional CCTV system. The central bank in a circular noted that CCTV Systems of Exchange Companies and Exchange Companies of ‘B’ Category should be functional at all times (i.e. 24 hours a […]
State Bank of Pakistan Sep 23
Money & Banking, Top stories
SBP documents foreign currency transactions above $2,000
KARACHI: State Bank of Pakistan (SBP) on Friday made it mandatory the transactions of foreign currency above $2,000 through banking channels in order to document sales and purchases of the foreign currency. In this regard, the central bank amended Exchange Companies Manual to ensure documentation of buying and selling of the foreign currency. READ MORE: […]
State Bank of Pakistan Aug 19
Money & Banking
SBP allows pact of banks, exchange companies for remittances
KARACHI: The State Bank of Pakistan (SBP) on Thursday allowed exchange companies to enter into agreements with Authorized Dealers (ADs)/banks for disbursement of home remittances. The central bank invited attention of Exchange Companies (ECs) to instructions contained in Para 9 (ii), Chapter 3 of Exchange Companies Manual regarding the business of inward home remittances. READ […]
Jun 12
Budget 2022-2023, Taxation
Exchange companies to withhold tax on payment to MTOs
ISLAMABAD: Exchange companies have been brought under the ambit of withholding tax and now they are required to deduct tax on payment to international money transfer operators (MTOs). The change has been proposed through budget 2022/2023, which was presented on June 10, 2022. Through Finance Bill, 2022 amendments suggested to Section 152 of the Income […]