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031110
STATE BANK OF PAKISTAN - FOREIGN EXCHANGE DEPARTMENT
Circular Letter No. 19 /EPP.1(95)EC-Policy-2003
November 10, 2003
The Head Offices/Principal Offices of all Authorised Dealers in Foreign Exchange
Dear Sirs,
OPENING OF LOCAL CURRENCY ACCOUNT/FOREIGN CURRENCY ACCOUNT
Attention of Authorised Dealers is invited to the instances
where the banks are refusing to open local/foreign currency account of an
Exchange Company
In this context, it is clarified that the Exchange Companies have been formed
under an Ordinance and have been licensed by State Bank of Pakistan for carrying
out their business in terms of the Rules & Regulations mentioned in FE Circular
No. 9 dated the 30th July, 2002. Therefore, the banks should facilitate them in
opening their local and foreign currency accounts after fulfilling necessary
requirement/formalities
Please bring the above to the notice of all your constituents.
Endt. No.19-A /EPP.1(95)EC-Policy-2003 of date
Yours faithfully,
(SYED SAMAR HASNAIN)
Joint Director
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