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SBP issues first 'B' forex company licence

KARACHI (June 23 2004): The State Bank of Pakistan on Tuesday issued the first 'B' category Exchange Company Licence to Money Masters Currency Exchange Company 'B' (Pvt) Ltd.

The State Bank has already issued 19 No-Objection Certificates (NOCs) for the setting up of 'B' category Exchange Companies. The moneychangers will have to close their shutters by June 30, 2004.

The proposed companies which entail surrendering of 111 Authorised MoneyChangers' Licences are as under:

(1) Sky Exchange Company-B (Pvt) Ltd,
(2) World Wide Exchange Company-B (Pvt) Ltd,
(3) Overseas Exchange Company-B (Pvt) Ltd,
(4) Rajgan Exchange Company-B (Pvt) Ltd,
(5) Great Union Exchange Company-B (Pvt) Ltd,
(6) United Exchange Company-B (Pvt) Ltd,
(7) Premier Exchange Company-B (Pvt) Ltd,
(8) Union Exchange Company-B (Pvt) Ltd,
(9) Harat Management (Pvt) Ltd Exchange Company-B,
(10) Muhammadi Exchange Company-B (Pvt) Ltd,
(11) Chase Exchange Company-B.(Pvt) Ltd,
(12) Swiss International Exchange Company-B (Pvt) Ltd,
(13) East West Exchange Company-B (Pvt) Ltd,
(14) Al-Khaleej Exchange Company-B (Pvt) Ltd
(15) Madina Exchange Company-B (Pvt) Ltd,
(16) Mega Currency Exchange Company-B (Pvt) Ltd
(17) Time Exchange Company-B (Pvt) Ltd,
(18) Usman International Exchange Company-B (Pvt) Ltd and
(19) World Exchange Company-B (Pvt) Ltd.

After incorporation of these companies with the Securities & Exchange Commission of Pakistan (SECP), the State Bank of Pakistan will issue licences to these 'B' Category Exchange Companies to carry out restricted exchange business ie to sell and purchase of currency notes and coins only.

The money changing business, in addition to Authorised Dealers (Banks), shall be transacted through Exchange Companies from July 1, 2004.

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