SBP issues show-cause notices to 9 B-cat companies on forex rules violation

KARACHI (August 14 2005): The State Bank of Pakistan (SBP) has issued a show-cause notices to nine B-categories companies for violating the SBP rules and regulations.

These companies had violated the rules and regulations 14, 15 and 26 and are listed below:

International Exchange Company (Pvt) Ltd, Karachi; Karwan Exchange Company (Pvt) Ltd, Quetta; Islamabad Exchange Company (Pvt) Ltd Islamabad; Aftab Exchange Company (Pvt) Ltd, Kharian; Usman International Exchange Company (Pvt) Ltd, Gujranwala; East West Exchange Company (Pvt) Ltd, Gujranwala; Orient Exchange Company (Pvt) Ltd, Tehsil Kharian, District Gujarat; Great Union Exchange Company (Pvt) Ltd, Rawalpindi; and Rajgan Exchange Company (Pvt) Ltd, Rawalpindi.

The State Bank has asked the chief executives of these companies to explain their position in writing within seven days for violating the SBP's rules and regulations.


(I) RULE 14: The exchange companies will ensure that all requisite support facilities are available which are necessary to carry out their business.

(II) RULE 15: The companies shall also equip themselves with necessary qualified staff to properly manage computerised reporting to the State Bank.

(II) RULE-26: The companies shall fully abide by all the regulations, instructions, directives, circulars, and other communications issued by the State Bank and subject its records and documents to the examination, inspection and supervision of the State Bank.

It shall also ensure compliance with all other laws of the land, in particular the provisions relating to counterfeit coins and bank-notes.

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