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040703
STATE BANK OF PAKISTAN - EXCHANGE POLICY DEPARTMENT
F.E. Circular No. 11 of 2004
July 03, 2004
Head Offices/Principal Offices of all
Authorised Dealers in Foreign Exchange
Dear Sirs/Madam
Amendments in Foreign Exchange Manual
Consequent upon the expiry of Authorised Money
Changers licences on June 30, 2004 and in continuation of FE Circular Letter No.
01 dated February 12, 2004 and FE Circular No. 06 dated June 7, 2004, the
following amendments have been made in the Foreign Exchange Manual (Eighth
Edition – 2002):
Chapter I: The term “Authorised Money Changers” is deleted from line 8, para 2.
Chapter II: Para Nos. 5, 6 and 7 are deleted in entirety.
Chapter XI: The term “Money Changers” is deleted from the heading of para 1. Moreover, sub para (ii) of para 1 is amended to be read as under:
“Besides Authorised Dealers, the State Bank has granted licences/authorisations to resident Pakistani entities/companies to purchase and sell foreign currency notes and coins. They are required to follow the code of conduct prescribed for them from time to time.”
Similarly, the words “and Money Changers” are deleted from the heading of para 3 as well as from line no. 2 of para 3.
Further, line no. 6 of para 4 i.e. “Such … customers.” stands deleted.
In addition, the words “AMC” or “Authorised Money
Changer/s” stand deleted wherever appearing in the Manual.
Please bring the above to the notice of your constituents and others concerned
Yours faithfully,
(Azhar Kureshi)
Director
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